What kind of Life Insurance Policy Do I Need And How Much Will It Cost?

Frank

Frank.

There are many types of life insurance policies depending on your goals, and there are huge price differences among different companies offering identical coverage. Policies are available from hundreds of life insurance companies in the United States. Most financial planners recommend that each family income provider carry no less than 10 times their annual income in life insurance.
Americans purchased $3.0 trillion of new life insurance coverage in 2006. By the end of 2006, total life insurance coverage in the United States reached $19.1 trillion.

Of new individual life policies purchased in 2006, 41 percent, or 4 million,were term insurance. The average new individual life policy was $167,000 in 2006. The most common supplementary benefit is waiver of premium. Of individual life policies in force in 2006, 89 percent, or 40 million, allowed the premium to be waived during disability.

Great Question.