Well, that question has so many answers that would take a novel to answer! So I will do it in layman’s terms. The life insurance industry says 7-10 times your annual income is the minimal life insurance amount you should have. So if you make $35,000 per year you should have $245,000 – $350,000.
Now you look at if you have a mortgage, any car loans, any student loans, any credit cards and you start with that total. Then you add on if you have children, if you plan to help with college for them, if you have any business debt. If you have never figured in the value of a wife you have a HUGE eye opening experience, that is another article for a later date and time. Continue reading How much Life Insurance do I need?