Figuring out how much life insurance you need requires an analysis of your current and future financial responsibilities as well as the resources your family could tap.
Some future obligations may include what it would cost to help your surviving family members meet immediate and ongoing needs such as funeral costs, taxes, food, mortgage expenses, clothing, utilities, and any future obligations like retirement and college planning.
All your financial obligations is the approximate amount of life insurance that you will need. If you’re confused, no need to worry. This is the reason why many individuals turn to financial professionals to assist them with finding how much life insurance is actually needed.