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How Much Life Insurance Do I Need?

Determining how much life insurance you need is an individual decision based on your specific circumstances. Here are a few things to consider when choosing the amount of life insurance you need:

Your Income

How much money you earn has a direct impact on how much life insurance you need. For example, the needs of someone who makes $30K per year will be quite different than someone who makes $75K per year. The amount necessary to cover the needs of the person making $75K per year will be significantly more based on the fact that he or she likely owes more on their mortgage, has higher routine expenses, and will require more to assure his or her family is able to maintain their current quality of life.

Your Bills

Another important factor in determining how much life insurance you need is your current and anticipated future financial obligations. Depending on your age, income, and financial security, this varies broadly among individuals. Consider these questions: (1) Is your home paid off? Or, how many years do you have left to pay on your mortgage? (2) How much credit card debt are you carrying? (3) Do you have student loans, or anticipate having them in the future? (4) How old are your children?

Making a Decision

By calculating your income and subtracting current and future expenses, you will have an estimated rough figure for determining how much life insurance you need. Then, meet or speak with a life insurance agent to review your needs and select a policy amount.