How Much Life Insurance Do I Need?

If you’re considering the purchase of a life insurance policy to protect your loved ones, one of the most important questions you’ll ask yourself is "How much life insurance to buy?"

Choosing the right amount of life insurance is a major factor in providing your family with the financial security they will need in case you pass away.

  And, it has the added benefit of making sure you aren’t paying for more life insurance than you actually need, given your goals and personal situation. 

Goals of Life Insurance– To provide the financial security your family needs in case you are no longer there to provide for them.  

The proceeds from your life insurance policy can be used to any purpose, including to replace your income, pay off a home mortgage loan, pay off credit card debt, pay for living expenses, provide you’re your child’s college education and provide for your spouse’s retirement, among other things.

Here's how to determine how much life insurance you need.