Why do I need Life Insurance?
How much Insurance do I need?
Before buying life insurance, you should assemble personal financial information and review your family’s needs. There are a number of factors to consider when determining how much protection you should have. These include:
- any immediate needs at the time of death, such as final illness expenses, burial costs and estate taxes.
- funds for a readjustment period, to finance a move or to provide time for family members to find a job.
- ongoing financial needs, such as monthly bills and expenses, day-care costs, college tuition or retirement.
Although there is no substitute for a careful evaluation of the amount of coverage needed to meet your needs, one rule of thumb used: five to seven times annual gross income.
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