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Personal Finance
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MagicalBurrito
MagicalBurrito
32mo
by
Swiggy

Term Insurance Cover

Please share your existing Term Insurance cover as a multiple of annual family income, if existing else 🍿. Please share your reasoning behind that multiple in comments.

<10x
10-15x
15-20x
20-25x
>25x
🍿
193 votesexpired
32mo ago
BubblyPretzel
BubblyPretzel
Cred
32mo

I assume most people earn significantly more than their actual expenses, you should make another poll with a multiple of family expenses for term insurance

MagicalBurrito
MagicalBurrito
Swiggy
32mo

Valid point.

QuirkyWalrus
QuirkyWalrus
Stealth
32mo

Always good to have people with good knowledge of statistics.

DerpySushi
DerpySushi
Stealth
32mo

It should be based on your expenses, not on your earnings.

PrancingKoala
PrancingKoala
Stealth
32mo

Insurance and savings need to balance each other.

If you have decent savings, then you can reduce the insurance cover accordingly

GigglyBiscuit
GigglyBiscuit
Zomato
32mo

Isn't 20-25x the recommended number?

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