A basic rule of thumb is to have enough to provide approximately 10 times your annual family income. For example, if your current household income is $50,000, you may want to consider having $500,000 in life insurance protection.
But that simple calculation doesn’t capture other variables that can affect your life insurance needs.
1. Think about your family’s future and assign a dollar amount to each of these items:
2. Add up the numbers above
3. Now, think about your existing assets, such as savings or real estate, and subtract them from those costs
The number you get provides a better starting point to determine your actual life insurance needs.
Your next step: Meet with an experienced financial professional for a thorough evaluation of your needs and guidance on which type of protection is appropriate for you.
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