Did you know that according LIMRA’s Life Insurance Barometer Study in 2013, 85% of consumers agree that most people need life insurance, but the same study found that only 62% of people in the United States have it? This is likely because, as LIMRA research found, American consumers believe that health insurance costs three times its actual price.

For those Americans in need of life insurance, but unwilling to get it due to the price, some handy life insurance advice can go a long way. After all, it’s completely necessary to protect you and your loved ones, but the sticker shock can make many choose the wrong decision. So, in order to find life insurance policies that are not only affordable, but also offer the necessary coverage, here’s some handy life insurance advice to consider!

Are You the Kind of Person Who Needs It?

To be sure, not everybody necessarily needs life insurance, though everyone could use it, as having it can benefit anyone. The kinds of people who really, truly need life insurance are those with large, outstanding bills that will need repayment. These are the younger folks with college tuition to pay off, mortgages, estate taxes or other bills in need of a back-up plan for when they’re no longer around to pay them off.

How Much Coverage Do You Need?

Just as if you were choosing car insurance, life insurance offers different kinds of coverage that match a variety of needs. However, figuring out what coverage you might need can be a difficult challenge. An insurance agent might offer life insurance advice that recommends you get coverage that replaces about 15 times your annual income, but in truth you may only need coverage that replaces about three times your annual income, and then some for outstanding debts.

Considering these two pieces of life insurance advice can make decisions a lot easier. If you’re the kind of person who needs life insurance, even if it is just a small amount of coverage, you’d wise to shop around. If you have any questions about this life insurance advice, or have any more life insurance advice to contribute, feel free to ask in the comments. Read more articles like this.