How much Term Insurance do I need?

Term life insurance provides financial security for your loved ones in the event of your untimely death. But how much coverage do you need to ensure your family's future is protected? In this article, we'll explore the factors to consider when determining how much term life insurance you should purchase.

Factors to consider:

1. Income replacement: One of the most important factors to consider is the amount of income you currently provide to your family. You should aim to purchase enough coverage to replace your income for a period of time, typically 10-12 years.
2. Debt and expenses: Consider your outstanding debts and future expenses, such as your mortgage, car payments, and your children's education. Your life insurance policy should provide enough coverage to pay off these debts and cover these expenses.
3. Future financial goals: Think about your family's long-term financial goals, such as saving for retirement or starting a business. Your life insurance policy should provide enough coverage to help your family achieve these goals.
4. Age and health: The younger and healthier you are, the cheaper your life insurance premiums will be. However, if you have health issues or are older, you may need to purchase more coverage to ensure your family is adequately protected.