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How much life insurance can I get?



» Read more: Life insurance: Do you need ten times your salary?

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

Life insurance limits for stay-at-home parents

Even people who don’t have a source of income, like stay-at-home moms or dads, can get life insurance because their work at home takes the place of a staggering number of expenses.

Insurance companies each have individual rules about how much insurance they can offer to non-working parents. This ranges from half of their spouse̵

7;s coverage limit all the way up to a matching policy with a cap of about $3,000,000.

If you’re a stay-at-home parent, one of Quotacy’s independent agents can help you find a policy to 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 prohibitively expensive. For most people, the question “how much life insurance can I get” is not the right one. It is better to ask “how much life insurance do I have requires?”

» Read more: How much life insurance do I need?

Assess your life insurance needs

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

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

Step Two: Add additional coverage for any additional debt your family has to pay off, such as your mortgage, credit cards or a child’s college tuition.

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

If you decide to apply for cover through us, but are still unsure about your starting 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.

» Compare: life insurance quotes


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