Wednesday, 27 January 2021
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If you are providing financial support for people who are depending on you, you need life insurance. To determine how much you need to replace your lost income, deduct the total income that would be lost upon your death from the sum required for your family's ongoing financial stability. Beyond that, it depends on your particular circumstances (e.g., whether you have considerable net worth or few backup resources, number of children, etc.) and whether you want insurance for other purposes, such as educational funds. An old (and dated) rule of thumb was to use a factor of your income, typically 5-10 times your income. In today's environment, a detailed needs analysis will factor in your income, assets, survivor needs, education needs, retirement needs and more and will provide you with a custom tailored plan. You can then choose the amount of coverage for you. Return to Questions