Direct answer
It depends on your outstanding debt, funeral costs, and the annual income you wish to replace for your dependents, often calculated as 7 to 10 times your annual salary. You should also factor in the total cost of future education expenses for children and any existing savings you have set aside.
Industry-standard financial planning guidelines for income replacement and debt coverage. For additional information about calculating your coverage needs, see the Life Happens insurance needs calculator.
What this means for you
It depends on your outstanding debt, funeral costs, and the annual income you wish to replace for your dependents, often calculated as 7 to 10 times your annual salary. You should also factor in the total cost of future education expenses for children and any existing savings you have set aside.
FARMER STOCKMAN
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This page is informational and not a coverage guarantee or quote.
