How Much Insurance Will I Need?

Professional talking with client

Unfortunately, there is no simple answer to this question. Some financial planners recommend that your policy should have a benefit that is equal to ten times your gross annual income. Others recommend that that you need nearly twice as much. This means that a person making $50,000 a year should have anywhere from $500,000 to $1,000,000 worth of coverage. The precise amount is dependent on a number of significant factors: your marital and/or family status, your level of indebtedness, your lifestyle and ability to handle premium payments, your spouse's earning power and your health, just to name a few.