How Much Life Insurance Do I Need?

A common question we get asked is – How much life insurance do I need?

The amount you will need, depends on variety of factors – your income, your debt, your age, and your financial goals.  

• Your annual income – Does your family depend on your income? If so, it is important to have enough life insurance to replace your income. By doing this, you ensure your family will have the same standard of living.
• Healthcare cost - Does your family depend on your job for their health insurance? If you were to pass away, you would want to ensure your family would have enough to cover ongoing healthcare. 
• Your debt – Be sure to have enough life insurance to cover your debts – mortgage, car payment, credit card payments, student loans and any other type of debt you might have.
• Future expenses – Do you have kids? You might want to have enough life insurance to cover their future expenses like ongoing activities and college.

To get an idea of how much life insurance you might need, check out our life insurance calculator. Want to chat? Set up an appointment with our team to discuss your life insurance options.