This is a question that nearly every single person asks and the answer for over 90% of people is “more than you currently have!”
So how much protection does a family need? It’s a difficult question because it depends on so many variables that can’t be predicted – like how long you will live (Do you have a piece of string ). A simple approach is to plan for the worst case (e.g immediate death) and decide how much money surviving family or loved ones will need to handle such matters as…
* How much debt do you owe? (e.g. Mortgages, Credit Cards, Personal Loans)
* Would you like to provide an ongoing income for your family in the event of your death?
* Would you like to pay for your childrens education?
* What medical costs would you have to pay?
* How much could a funeral cost you?
If you allow for the above expenses to be paid out in full you are starting to get a realistic picture of how much Life Insurance you will need.
Remember that getting Life Insurance Quotes is simple and easy these days.