How Much Coverage
Should I Get?
Life insurance coverage
Coverage in life insurance is the amount of money your loved ones would receive if you pass away.
The right number isn’t one-size-fits-all. It depends on things like your income, debts, and future plans. A common rule of thumb is 10 to 15 times your annual income, but the right amount is always personal.
What to consider
When thinking about coverage, consider both current needs and what’s ahead
Income replacement
Ensure your family can maintain their lifestyle if your income is no longerthere.
Debts & loans
Significant financial obligations like a mortgage, car loan, or credit card balance
Household expenses
Everyday costs like groceries, utilities, and childcare
Future finacial goals
Long-term needs such as your children’s education, home maintenance, or business funding
Unexpected costs
Any final expenses or other financial obligations that may arise
Putting it together
A simple way to estimate is to add up these categories:
Your income (multiplied by the number of years you want it replaced)
Total debts & obligations
Future goals & expenses
