Assessing Your Needs
Factors to consider when choosing life insurance:
- Your age and health
- Your income and outstanding debts
- The number of dependents you support
- Your long-term financial goals
How Much Life Insurance Do You Need?
- Provide a simple formula: (Annual income x 10-12 years) + debts + future expenses (college, retirement, mortgage).
- Example: A 35-year-old parent earning $60,000 per year with two kids and a mortgage may need $750,000 to $1,000,000 in coverage.