Most Americans just don't have enough life insurance.
Think of life insurance this way, it provides a lump of capital that can replace your income and allow your family to maintain their lifestyle after you die.
Term insurance is generally the best way to buy high coverage amounts.
If nobody depends on your income, you may not need life insurance.
If you need life insurance, start with 8x your income and build from there. Another way to figure out coverage amounts is to calculate your survivor's needs, then determine how much capital will be needed to generate that income through investments.
Think of life insurance this way, it provides a lump of capital that can replace your income and allow your family to maintain their lifestyle after you die.
Term insurance is generally the best way to buy high coverage amounts.
If nobody depends on your income, you may not need life insurance.
If you need life insurance, start with 8x your income and build from there. Another way to figure out coverage amounts is to calculate your survivor's needs, then determine how much capital will be needed to generate that income through investments.
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