It really depends on your current age, lifestyle, debt, goals, number of dependents, and ability of your spouse (if surviving) to earn income, among other factors.
There are insurance calculators online (MSN has one) you can find them if you Google it. That will give you a rough estimate of your insurance needs.
But that doesn't really get into the issues that were listed above. If you have 3 kids and want them to go to an Ivy League schools it would change the amount. Others may feel their obligation ends when their kids are 18.
Another thing to remember is that while life insurance proceeds will bypass probate, it will be included in your estate and could create estate tax issues.
I'm biased as a Certified Financial Planner but it would probably help you to talk with a professional. But the online calculators would probably help you get started. |
