One standard rule of thumb is that the death benefit on your policy should equal 7 to 10 times the amount of your annual wage. However, like any rule of thumb, that isn't always particularly precise. Another method of taking a look at it: You need to figure out what earnings you desire to offer your spouse or other recipients when you die (what does life get more info insurance cover).
The resulting number is the shortfall you'll desire to fill with life insurance. This interactive calculator can assist you reach a number. Let's say the deficiency is $25,000 a year. Check out the post right here A standard insurance concept says to purchase a life insurance coverage policy that has to do with 10 times that quantity, or $250,000 in this example.
