Asked by Leah  |  Submitted July 20, 2016

What is the preferred amount to have in life insurance?

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  Answers  |  1

July 27, 2016

Leah, this is such a subjective question and has many variables. It really depends on whether or not anyone will suffer financially should you pass away. There are two main categories of life insurance - temporary and permanent. Your age, your income, your assets - all of these things come into play when making a decision on which suits your needs the best. Generally, if you are under 50, you probably need more insurance than when you've had a chance to pay things down/off and owe very little. Unless of course, your objective is wealth transfer, in which case you'd want more. I'd be happy to discuss your individual situation.

Mike Zaino - Retirement Specialist, President
TZG Financial

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