Before deciding how much life insurance is right for your husband, sit down and review all of your future financial needs if you were to lose your husband.
For instance, you may want the life insurance death benefit to be large enough to provide the following:
1. Replace your husband's income.
2. Provide funds for your child's college education.
3. Pay off the home mortgage loan.
4. Pay off all credit card debt.
5. Pay off any car loans.
6. Money for your living expenses.
7. Money for your retirement fund.
When reviewing your family's life insurance needs, consider how much money you currently earn, what your monthly living expenses are, your savings goals, your future financial needs, and how all of your finances will be affected if your husband were to die.
Also, your husband may want to have life insurance on you, as you provide essential services to your family, whether you are a homemaker, or have a job outside of the home.
You can use a term life insurance calculator to help you review your life insurance eneds and determine how much life insurance you and your husband may need to protect your family's financial future.