How Much Life Insurance Do I Need?

Most people purchase life insurance to replace lost income in the event of a loved one’s passing.

This income may come in the way of:

  • Lost income from a job
  • Lost social security benefits
  • Lost alimony or child support payments
  • Other financial support

What you should ask yourself is how many years you would require this income for and use a simple multiple of that income.  Most people get at least 5 times their spouse’s income if they are still working, and many individuals buy 10X that income or more.

You should also consider the cost of funeral and final expenses (usually around $10,000) and any outstanding debts.  You might want to pay off a mortgage or other debts upon a loved one’s passing.

For complex estate planning cases, call us at 877-443-9467.

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