Life insurance isn’t just for parents or homeowners—it’s for anyone who wants to protect their loved ones from financial uncertainty. But how much do you actually need? At Greg Wilson Agency, we help Glenpool families get the right amount of coverage without overpaying.
In this post, we’ll show you a simple way to estimate your life insurance needs—and avoid the common mistakes people make when buying a policy.
1. Start With the DIME Formula
A popular starting point is the DIME method:
Debt: Total what you owe—mortgage, car loans, credit cards, student loans.
Income: Multiply your annual income by the number of years your family would need support.
Mortgage: Consider paying off the home so your family can stay put.
Education: Estimate future costs for kids’ college or trade school.
Add it all up, and that gives you a strong foundation for your coverage.
2. Consider Your Life Stage
Life insurance isn’t one-size-fits-all. Here’s a quick guide:
Young single adults: Focus on covering debts and burial costs.
Newlyweds or parents: Plan for income replacement and childcare.
Homeowners: Include mortgage payoff.
Empty nesters: Think about legacy, retirement protection, or final expenses.
3. Term vs. Permanent: Which One’s Right?
Term Life is affordable and covers a set number of years (10, 20, or 30).
Whole Life builds cash value and lasts your entire life, but costs more.
Pro tip: Many people start with term life and convert later if needed.
4. Avoid These Common Mistakes
❌ Relying only on employer life insurance—it often ends when your job does.
❌ Guessing how much you need without a plan.
❌ Waiting too long—rates go up with age and health issues.
Your Peace of Mind Starts Here
You don’t have to figure this out alone. At Greg Wilson Agency in Glenpool, we offer personalized life insurance quotes from top carriers—no pressure, just honest guidance.
Call (918) 291-8358 or request your custom quote.