Choosing the right amount of life insurance protection will help you to provide the financial security your family needs in case you pass away.
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.
You will want to consider several things before choosing the right amount of coverage, including how much you currently earn per year, your total assets and savings, your total liabilities, your debt, your monthly living expenses, and how long your family will need to replace your income after your death, so they can maintain their lifestyle.
Learn more about deciding how much life insurance you should have.