“How much life insurance to buy depends on the financial needs that will continue after your death. Examples include supporting your family, paying for child(ren)’s education, and paying off a mortgage. Some questions you may want to ask about your own needs include:
- Does anyone depend on me financially?
- How much of the family income do I provide?
- How will my family pay my final expenses and repay debts after my death?
- Do I want to leave money to charity or family?
- If I have life insurance through my employer, is it enough to meet my financial obligations?
The answers to these questions can help you decide how much coverage you need. An insurance agent, financial advisor, or insurance company representative can help you evaluate your insurance needs and give you information about available policies.” – National Association of Insurance Commissioners (NAIC), Life Insurance Guide.
You can also use the “Life Insurance Needs Calculator” that can be found by clicking on this webpage :