Here are a few things to think about when deciding on how much life insurance you may need to secure your family’s financial future:
- How much income would my family need to maintain their lifestyle if I were to pass away? Are there any savings or other liquid assets they could survive on?
- Who else depend on me financially? Parents, grandparent, or siblings?
- Will my children need money to finish their education in the event of my death?
- How will my family pay final expenses?
- What taxes will be due after my death?
- Another thing to keep in mind, especially if you’re younger is, how inflation will affect future needs of your family in the event of your death.