Whats the most frequently asked question about life insurance?
No formula to determine how much life insurance coverage one needs is right for everyone. A quick and basic way to figure out how much you would need is to take your annual income and multiply it by 7. For example, a family with an income of $60,000 might need at least $420,000 worth of life insurance protection. But some insurance experts feel one may need as much as 10 times their annual salary. There are more specific ways to estimate how much life insurance an individual or family may need. Figuring one’s need based on their income and assets can be more accurate: Determining Expenses (-) Assets: Figure a rough estimate of your annual family budget. This would include your mortgage, child care, insurance, and basic living expenses. Don’t forget to include expenses such as vacations, and future education plans such as private school and college. Next, estimate a figure for your assets such as savings, social security benefits, or any other income that will be there such as the incom
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