How Much Life Insurance Can I Get?

» Learn more: Life Insurance: Do You Need Ten Times Your Salary?

For retired individuals, insurance companies are more hesitant to offer policies for the purpose of income replacement. The underwriters will review requests for large amounts of coverage on a case-by-case basis. They will review a person’s net worth, day-to-day expenses, and estate tax considerations.

Life Insurance Limits for Stay-at-Home Parents

Even people that don’t have a source of income, like stay-at-home mom or dad, can get life insurance since their work at home takes the place of a dizzying number of costs.

Insurance companies each have individual rules regarding the amount of coverage they can offer to non-working parents. This ranges from half of their spouse’s coverage limit all the way up to a matching policy capped at around $3,000,000.

If you’re a stay-at-home parent, having one of Quotacy’s independent agents help you shop around for a policy can help you get the coverage you deserve.

Not many people really need to reach the limits of their insurability, and the price of a maxed-out policy is often cost-prohibitive. For most people, the question “how much life insurance can I get” isn’t the right one. It’s better to ask “how much life insurance do I need?”

» Learn more: How Much Life Insurance Do I Need?

Assessing Your Life Insurance Needs

When determining how much life insurance to buy, we recommend using a 2-step process to determine how much coverage you need.

Step One: Put enough into your policy to replace your current income for the amount of time it will take for your family to be back on firm financial ground.

Step Two: Add additional coverage for any additional debts your family will need to pay off, like your mortgage, credit cards, or a child’s college tuition.

Our online life insurance needs calculator helps you get an idea of how much coverage you should apply for. You also can easily get accurate quotes for your recommended policy on our site as well, all without giving us your contact information.

If you decide to apply for coverage through us, but still aren’t sure about your face amount, you can always ask your Quotacy agent for advice. Your agent will be able to give you some expert suggestions based on your unique financial situation.

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