Just as no two people are alike, life insurance has no one-size-fits-all formula for the amount of coverage one should have. The type of life insurance and amount of coverage you should choose are based on such factors as your income, number of dependents, any existing coverage that you may have, and future anticipated expenses that your family may incur, such as college tuition or home mortgage amount. It’s therefore important to carefully select a life insurance policy and coverage amount to help ensure that you have adequate coverage should something happen to you.
Here are some considerations for choosing your coverage: