How Much Coverage Do I Need?

The answer isn't really how much life insurance you need, it's really how much money or income does your family need after you're gone to sustain their standard of living.

Ask yourself:
•How much money will my family need after my death to meet final expenses, like funeral expenses, medical expenses and to pay off debts?
•How much money will my family need to maintain their standard of living over a number of years?
Life insurance can help pay immediate expenses including uncovered medical costs, funeral expenses, taxes and other obligations such as outstanding debts and mortgage balances. Life Insurance can also help your family cover future obligations such as everyday living expenses, money for college or your spouse's retirement, and so much more.

But how do you know if you need $100,000, $200,000, $500,000 or more? The most common way to determine your life insurance needs is by conducting what's called a Needs Analysis.

Here's how it works. Start by evaluating your family's financial needs. Gather all of your personal financial information and estimate what your family would need to meet their current and future financial obligations. Then sum up all of the resources that your surviving family could draw upon to support themselves. The difference between their needs and the resources in place to meet those needs is your need for additional life insurance