November 22, 2017

How Much Insurance Do I Need

Life insurance 101 experts suggest buying a life insurance policy that is 10 to 20 times your annual salary, but your annual salary isn’t the only important factor in determining your life insurance needs. You need to consider how much money will be enough to protect your family when you’re no longer around.

Ask yourself the following two questions.

  1. How much money will my family need to fund final expenses, such as the cost of my funeral and outstanding debts?
  2. How much money will my family need to continue living the lifestyle they’re used to, pay off the mortgage and fund future expenses?

Our life insurance tools such asĀ term life insurance needs calculator can help you answer these questions and determine how much life insurance you need.