Life Insurance - How Much Do I Need?

I want to purchase life insurance but I'm not sure how much to buy. How do I figure out how much life insurance I really need?

First, you'll want to ask yourself what you want your life insurance to accomplish? Then, how much life insurance will it take to accomplish your goal?

You need to consider your total debt, total savings, annual income, short and long term financial goals, and your future plans, which may include for getting married, starting a family, buying a home, etc.

Many financial experts suggest a person buy up to 10 to 20 times their annual income in life insurance. So, if you earn $50,000 per year, you may need as much as $500,000 up to $1,000,000 of life insurance.

However, you'll also want to take into account any life insurance coverage provided by your employer, as well as, any life insurance your spouse has from their employer, if you are married.

Another option for determining how much life insurance you really need is to use a life insurance needs calculator which can help you instantly determine how much life insurance is right for you.

It's quick and easy - you just answer some basic questions about your financial situation and click on a button to calculate an accurate estimate of how much life insurance you need.

Here's a life insurance needs calculator to help you decide how much life insurance you need.