How Much Life Insurance Do You Actually Need?

The general rule of thumb is that you should purchase 10x your income in life insurance. While you may be better off doing that than nothing, it’s much better to look at your personal circumstances to determine your life insurance need.

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[JakeSpradlin]

I really agree with the money guy here! 10x income is a good start, but I believe it should be all debt paid off (including mortgage) plus 10x income. That way if a person passes, the family could be left debt free and have 10x income. If you’re the sole earner, maybe more like 20x income

[napoleon]

Very important top. I find the biggest issue is procrastination regarding putting a policy in place.

[evansutton]

Don't get too much coverage, or you'll have to sleep with one eye open

[hanwagu]

30 years of expenses? So, you are assuming the surviving spouse is unable to work...well, unwilling to work. the general rule of thumb of 10x income is a stupid one, because it was more than likely invented for marketing purposes by insurance companies. get enough term life to bridge until resume or start income and any necessary training/education. ok, add enough to throw in a bobble.

[briandadude]

Consider your Social Security Survivor Benefits