by 
The Curious Bag
-
<h4 class="dechead">On One Hand: Consider Your Family's Living Expenses
If you have a family that's dependent on your income, you're a good candidate for life insurance. Calculate your family's annual living expenses, including housing, transportation and future educational costs, such as college. Multiply that number by the number of years you want to cover your family in the unlikely case that you die. For most people, that number is between eight and 15.
On the Other: Use an Online Calculator
A lot of people overpay for insurance --- usually because insurance salespeople convince them they need more coverage than they actually do. There are online calculators that help buyers determine how much insurance is appropriate for their families; these calculators take into account one-time expenses, like a new vehicle or college tuition. If you and your spouse both work, do separate calculations for each person.
Bottom Line
An online calculator will help you determine how much coverage you need, but it's always best to have more insurance than not enough. When tragedy strikes, your loved ones won't be upset if you purchased "too much" coverage.
Source:
How much life insurance do you need
Resource:
Smart Money Life Insurance Calculator
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC