One standard general rule is that the death advantage on your policy need to equate to 7 to 10 times Visit website the quantity of your yearly salary. But, like any guideline macdowell law group of thumb, that isn't always especially precise. Another way of looking at it: You require to figure out what income you want to attend to your spouse or other beneficiaries when you die (what is the difference between term and whole life insurance).
The resulting number is the shortfall you'll wish to fill with life insurance. This interactive calculator can help you show up at a number. Let's state the shortfall is $25,000 a year. A basic insurance coverage principle states to purchase a life insurance policy that is about 10 times that quantity, or $250,000 in this example.
