One standard general rule is that the survivor benefit on your policy should equal 7 to 10 times the quantity of your annual salary. However, like any rule Click for more of thumb, that isn't always especially precise. Another method of looking at it: You need to determine what income you want to attend to your spouse or other recipients when you die (which of the following best describes term life insurance?).

The resulting number is the shortage you'll desire to fill with life insurance coverage. This interactive calculator can help you get to a number. Let's say the shortage is $25,000 a year. A basic insurance principle says to https://www.bbb.org/us/tn/franklin/profile/timeshare-advocates/wesley-financial-group-llc-0573-37070239 purchase a life insurance policy that has to do with 10 times that quantity, or $250,000 in this example.