The purpose of life insurance is to provide a source of income in case of your death, for your children, dependents, or other beneficiaries. Life insurance can also serve other estate planning purposes, such as giving money to charity on your death, paying for estate taxes, or providing for a buy-out of a business interest.
The suggested amount of life insurance should equal 6 to 8 times annual earnings. Many factors should be taken into account when determining the right amount of life insurance for you and your family.
Calculating the right amount of insurance to buy depends on many factors. Contact me for help in determining the right amount of coverage.