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Cossio Insurance Agency
P.O. Box 5987, Greenville, SC 29606
ph: (864) 688 - 0121 fax: (864) 688 - 0138


How much life insurance do you need
Well, that question has so many answers that would take a novel to answer! So I will do it in laymanís terms. The life insurance industry says 7-10 times your annual income is the minimal life insurance amount you should have. So if you make $35,000 per year you should have $245,000 - $350,000.

Now you look at if you have a mortgage, any car loans, any student loans, any credit cards and you start with that total. Then you add on if you have children, if you plan to help with college for them, if you have any business debt. If you have never figured in the value of a wife you have a HUGE eye opening experience, that is another article for a later date and time.

So letís say that you are in good health, and you are looking to provide some protection for your family, or protect the income of your wife. We are going to show a chart of some life insurance premiums that will give you an idea for a budget. We broker with several insurance companies so we shop it around based on your age, health, occupation. We are showing premiums for a 10 year Term insurance policy. A term insurance policy is the lowest cost of insurance for a short term in time. Similar to renting an apartment, you have bare bones coverage, no equity.

Monthly premium offer for life insure 10 year term

As you can see the costs get higher the older you get, so as Confucius says, buy your insurance when younger. Of course smoking cigarettes increases your risk of dying so the cost of insurance is higher, similar to someone that races cars, flyís airplanes, etc. You will pay a higher premium. Your insurance premium is guaranteed for the period of time that you purchase your insurance, so in this case it is guaranteed for 10 years, and then it will increase if you keep the policy. You may purchase 10, 20 and 30 year level term insurance policies.

Insurance rates are at an all time low, so if you are looking to provide protection against the inevitable, you would be wise to do so now instead of waiting and take that chance that your health would take a turn for the worse.

Larry Cossio has been a licensed insurance broker for over 30 years, and licensed in all 50 states. He provides solutions with insurance to several industries. is their website.