How Much Life Insurance Do I Need?

Generally the amount of protection you need is a combination of what it would cost to help your surviving family members and dependents meet their current needs (like food, clothing, utilities, mortgage payments, etc.) plus future obligations (like children education and retirement funding) – minus the resources that your surviving family members could draw upon to meet those obligations (spouse’s income, savings and investments, other income producing assets, and any life insurance you might already own).

You may also want insurance for wealth accumulation or distribution purposes during your lifetime.