If you're not sure how much life insurance you need, take a minute to use our calculator. After all, your life insurance rates are determined in part by how much coverage you request.
Typically, you'll want to go with 8 to 10 times your annual salary. This is enough to help pay for funeral and burial expenses, as well as help your family through a tough adjustment phase. If you have lots of debt, a big family, or business obligations, you might consider a policy 12 to 15 times your annual income. Life insurance covers expenses such as credit card debt, mortgage payments, business obligations, private loan payments, car payments, and more. Be sure you take all of your family's financial obligations into consideration when choosing a coverage amount.
(NSACE = The National Society of Agents for Consumer Education)