How Much Life Insurance Do You Need?
Once you established that you really need life insurance coverage, it is best to determine the amount of coverage as the next step. This is critically important because the higher your coverage, the higher your premium will be. If you want to get an adequate amount of coverage, you have to estimate the death benefit that your family needs based on a good guide.
Depending on whom you ask; the methods to determine the appropriate death benefit varies. Usually, experts recommend that 8-10 times of the yearly income should be required to replace the insured’s income in case of death.