Just how much life insurance do you really need to buy?

MOVERS & SHAKERS: By Mike Oliverio

Here’s a reliable rule-of-thumb when it comes to buying the right amount of life insurance: There is none.While it’s easy for some so-called “experts” to say everybody needs life insurance protection equal to 10 or 20 times their income, the truth is everyone’s situation is unique and the amount you need can only be determined by looking at your individual circumstances. Having the wrong amount of life insurance can be devastating for your survivors and “one-size-fits-all” recommendations can leave you under protected. In fact, according to a 2004 report by the life insurance industry’s research association LIMRA International, the average person is underinsured by more than $300,000. The study also found that 45 percent of widows (35 percent of widowers) say their spouse was inadequately insured. And one to two years after the death, half the widows and one third of the widowers are just getting by financially.

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