How Much Life Insurance Do You Actually Need?

A common starting point is 10 to 15 times your annual income, but the right amount depends on your specific situation — outstanding debts, mortgage balance, number of dependents, college funding goals, existing savings, and whether your spouse works. Use our Life Insurance Needs Calculator above for a personalized estimate, or schedule a free consultation with Buffer for a comprehensive needs analysis.

Term life insurance provides coverage for a set period (typically 10, 20, or 30 years) and pays a death benefit only if you pass away during the term. It is the most affordable type of life insurance. Whole life insurance provides permanent coverage that lasts your entire lifetime, builds cash value over time, and has guaranteed level premiums. Whole life costs more than term but offers a savings component and lifetime protection.

Yes. Many carriers offer coverage to people with pre-existing conditions, though premiums may be higher depending on the condition. Some carriers specialize in specific health situations. As an independent broker, Buffer has access to dozens of carriers and can shop your application to find the most favorable underwriting for your health profile. There are also guaranteed issue and simplified issue policies that require no medical exam, though they come with higher premiums and lower coverage amounts.

For fully underwritten policies, a licensed paramedical professional visits your home or office at no cost to you. The exam typically includes height, weight, blood pressure, blood draw, and urine sample. Results help the carrier assess your health and assign a rate class. Many carriers also offer accelerated underwriting for healthy applicants, which can skip the exam entirely using data-driven assessments. Buffer can help you prepare for the exam and identify carriers most likely to offer favorable terms.

Key-person insurance is a life insurance policy that a business purchases on the life of an essential employee, partner, or owner. The business is both the owner and beneficiary of the policy. If the key person dies, the death benefit helps the business cover the financial impact — recruiting a replacement, lost revenue, debt obligations, or client relationship disruption. Coverage is typically 5 to 10 times the key person's annual compensation.

Most term life policies include a conversion privilege that allows you to convert some or all of your term coverage to a permanent policy (whole life or universal life) without a new medical exam. The conversion window varies by carrier — some allow conversion anytime during the term, others only during the first 10 to 15 years. Converting locks in permanent coverage regardless of any health changes since the original policy was issued. Buffer can review your existing term policy's conversion options and help you decide if and when to convert.

You should review your life insurance at least every two to three years, and after any major life event — marriage, divorce, birth of a child, home purchase, salary increase, business changes, or retirement. Coverage needs change as your debts are paid down, children become independent, and your financial picture evolves. Buffer offers free policy reviews for existing clients and new prospects alike.

No. Buffer Insurance is compensated by the insurance carriers, not by you. Our needs analysis, carrier comparison, application assistance, and ongoing policy service are all provided at no cost to you. The premium you pay is the same whether you buy directly from a carrier or work with Buffer — but with Buffer, you get independent guidance across dozens of carriers instead of being limited to one.