The amount of life insurance you need depends on several factors:
- Income replacement: Calculate how many years of income your family would need if you were no longer there to provide for them.
- Outstanding debts: Include mortgages, car loans, student loans, and credit card debt.
- Future expenses: Consider college education costs for children, medical expenses, and final expenses.
- Existing savings and coverage: Subtract what you've already saved and any existing life insurance.
A common rule of thumb is 10-12 times your annual income, but this varies based on your unique situation. Use our free calculator above to get a personalized estimate based on your specific financial circumstances.
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