A commonly used starting guideline is 10 to 15 times your annual income, adjusted up or down for outstanding loans, the number of dependents, and how many years of income they'd need replaced.
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How Much Life Insurance Should I Buy?
The Direct Answer, Explained
A commonly used starting guideline is 10 to 15 times your annual income, adjusted up or down for outstanding loans, the number of dependents, and how many years of income they'd need replaced.
The multiple is a starting point, not a fixed rule — someone with a large home loan and young children generally needs cover toward the higher end of that range, while someone with no dependents and few liabilities may need less. It's also worth accounting for any existing group cover through an employer separately, since that cover typically ends when the job does and shouldn't be counted as permanent.
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Related Questions
Does existing employer group insurance count toward how much I need?
It's worth factoring in, but not relying on entirely, since group cover through an employer typically ends when you leave that job. A personal policy that stays with you independent of any employer is usually recommended as the base layer, with employer cover as a bonus on top.
Should the amount of cover change as I get older?
Generally yes — cover needs often peak in the years when dependents are young and loans are largest, and can reduce later as loans are paid off and children become financially independent. Reviewing cover every few years, rather than buying once and never revisiting it, is a reasonable practice.
How do I get a free LIC policy consultation from S Kulkarni in Thane?
Simply call or message on WhatsApp to schedule a free LIC consultation. You'll get help comparing plans, calculating premiums, checking eligibility and completing paperwork, with home visits available across Thane West, Thane East and nearby localities.
What makes S Kulkarni a preferred LIC agent in Thane over others?
A client-first approach, sound product knowledge and dependable after-sales support set S Kulkarni apart as an LIC Agent in Thane. Whether you're choosing a new plan, reviving a lapsed one, or working through a claim, you get honest, timely help at every step.
