How Much Life Insurance Do I Really Need?
Many families ask the same question when shopping for life insurance: How much coverage is enough?
The answer depends on your income, debts, lifestyle, and long-term goals.
👨👩👧👦 1. Consider Your Loved Ones' Needs
Think about the people who rely on your income — your spouse, kids, or aging parents. If something happened to you, would they be able to:
- Pay the mortgage?
- Cover daily expenses?
- Fund college tuition?
- Retire without worry?
A good rule of thumb: 10 to 15 times your annual income is a solid starting point.
💳 2. Factor in Debt & Final Expenses
Life insurance can cover more than just income loss — it can also help pay off:
- Credit cards and loans
- Car payments
- Funeral costs (average: $8,000–$12,000)
🏡 3. Protect Big Assets Like Your Home
Many families choose coverage that pays off the mortgage entirely. This ensures your family won’t have to move or downsize during a tough time.
📈 4. Plan for the Future
If your goal includes building wealth or supplementing retirement, an indexed universal life (IUL) policy can provide both protection and long-term value.
✅ Still Not Sure? We Can Help.
At QuoteMyLifeInsurance.com, we help you find the right coverage — not just the cheapest.
Our licensed agents will walk you through options that fit your
family, budget, and goals.