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Life insurance is very important for many reasons. It can help those that are financially dependent on you after you die. It can help pay for your funeral, your bills, and any loose ends you may leave behind. It can help take care of your affairs, and not leave anybody in any financial binds. But how much should you get, and how much will it cost? In this article, you’ll learn the answers to both these questions.

The first question, how much you should get, depends on a number of factors. If you have dependents, figure on replacing your salary completely for 20 years or so, and then use that as a starting point for the payout, or sometimes referred to as the ‘death benefit.’ So if you make fifty thousand dollars a year, twenty years of that would be one million dollars. Throw in some for inflation, and figure a million and a half. That should be enough if something happened to you tomorrow, to pay for your family once you’re gone.

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In order to determine how much it’s going to cost, you’ll need to take a couple of things into consideration. If you are buying straight term life insurance, then you won’t pay nearly as much as if you have whole life. Whole life is life insurance with some built in investments, which builds up cash value over time. If you decide you need money later on, you can pull some out of your cash value. If you are only worried about taking care of your loved ones once your gone, then term life would probably be the best choice.

Another factor that determines price is your age. The older you get, the more chances you have of dying, so the more you’re going to have to pay for your life insurance. Your current state of health is also a consideration. If you smoke or drink excessively, you’ll also pay quite a bit more. If you are relatively young, are in good shape, don’t smoke or drink, you can get a couple million dollar policy for pretty cheap.

So now you’ve some basic understanding of life insurance. You know about how much you’re going to need, and you have a basic idea of what it’s going to cost. The best thing to do now would be to do some shopping around. There are plenty of places online that will give you free quotes, as well as numerous agents in the yellow pages that would be more than happy to help you. Just keep in mind that the longer you wait, the more expensive it is going to be.