Direct answer
It depends on your current debt-to-income ratio and whether your existing policy covers the long-term cost of your child’s education and future expenses. Many parents increase coverage to replace their full income for at least 15 to 20 years to ensure the child is financially supported until adulthood.
Actuarial recommendations from life insurance underwriting guidelines regarding family financial dependency.
What this means for you
It depends on your current debt-to-income ratio and whether your existing policy covers the long-term cost of your child’s education and future expenses. Many parents increase coverage to replace their full income for at least 15 to 20 years to ensure the child is financially supported until adulthood.
FARMER STOCKMAN
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This page is informational and not a coverage guarantee or quote.
