How much life insurance coverage do I need?

How much life insurance coverage do I need?

Many persons purchase their life insurance policy with the intent to replace income, and experts recommend that you purchase 5-10 times your current annual income. This is an old rule of thumb that does not take into consideration current assets and any special needs you and your family may have. Only you can determine what you would want your family to have. For this reason, and because life insurance is very affordable when purchased intelligently, many families choose to carry generous amounts. We recommend you consider the following:

1.The amount of yearly income needed
2.The number of years this income will be needed
3.The average annual percentage of interest your investments will earn
4.College education expenses
5.Funeral and burial expenses
6.Retirement needs
7.Special needs for children or other family member

A detailed discussion of this issue can be found here at How To Estimate Your Life Insurance Needs. Also, you can simply use our special Life Insurance Calculator to calculate your insurance needs. We make it easy for you to get a quote once you have this amount.