How Much Life Insurance Do I Need?
Cincinnati Children’s Hospital Medical Center offers its employees group life insurance coverage of 1x salary up to $150,000. Employee bands M-2 and up (executives, physicians, etc.) receive 2x salary up to $300,000.
But, this may not be enough.
Half of U.S. households (58 million) readily admit they currently don’t have adequate life insurance coverage- the highest level ever. Many don’t believe they need life insurance. Maybe you are young, maybe you and your family are in good health, but even the healthiest people have a need for life insurance.
Life insurance isn’t for you, it’s for your loved ones. Your family needs the guarantee of a comfortable financial future in the event that something should happen to you.
Among households with children under 18, 4 in 10 say they would immediately have trouble meeting everyday living expenses if a primary wage-earner died today.
- Life insurance can replace your lost income in the event that it goes away in the future.
- It can pay off your mortgage and provide your family with a debt-free home.
- Credit card, student loans and other consumer debts can be liquidated.
- An adequate life insurance policy will fund a quality education for your children.
So, how much life insurance do you need? You can use our calculator or view the table below to help estimate your needs.
For questions, contact HORAN via email or by calling 513.745.5800.