Many life insurance experts say you should purchase 10 times your income in term life insurance coverage. As a financial adviser, however, I tend to believe that’s not nearly enough.
While term life insurance coverage is meant to replace your income if you pass away, don’t forget to account for future college tuition, family debts, and other factors that could impact your family for years to come.
Life insurance is one purchase where there are no second chances. Make sure to have enough life insurance coverage in place so your family won’t struggle once you’re gone.
Policygenius can help you compare life insurance policies to find the right coverage for you, at the right price »
I’ve had life insurance coverage in place since my wife and I had our first child, but I’ve added to our coverage several times as our family has grown. These days, I have around $2.5 million in term life insurance coverage for my wife and kids, which is probably more than they could ever need if I should suddenly pass away.
Then again, there’s a lot to think about and make sure life insurance covers, and there’s really no “perfect” formula to determine
Source:: Businessinsider – Finance