About Buying Life Insurance (Barter)
Part of Barter's goal of providing you the cheapest term life insurance on the market is providing it quickly, and that means educating you on how to buy term life insurance quickly.
Wholesale Insurance is staffed with competent and caring employees whose goal is to assist you in understanding your life insurance needs, understanding your life insurance options, maintaining and renewing your policy, and of course, getting the best life insurance rates available. As with all independent life insurance agencies, we never charge you a dime for our help.
The first step in buying life insurance with Barter or with any other tool is to consider your finances in order to determine how much you need. Only then should you trouble yourself with learning what kind of coverage you can afford.
Admittedly, understanding your coverage needs may seem like a mammoth task for some people. Some families just don't keep track of their finances very assiduously. Fortunately, there are a few different methods for calculating the amount of life insurance coverage you need to buy.
The simplest way is just a multiple of your income. For many families, annual income is a decent approximation of the family's income needs. Depending on how closely your current income matches your family's needs, the multiple you should use is anywhere from 8 to 12. If your family is in debt or has very disproportionate needs, you may need to use a multiple as high as 15.
So if my annual income is $25,000 and I think a multiple of 10 is appropriate, I need $250,000 of life insurance coverage.
