How much life insurance should you have

Choosing the right amount of life insurance can feel overwhelming — but it doesn’t have to be. Whether you’re protecting a young family, covering a mortgage, or thinking long-term about your legacy, the right policy starts with one key question:

How much coverage is enough — but not too much?

The Fast Formula: 10–15x Your Income

A good rule of thumb is 10 to 15 times your annual income. If you make $60,000 a year, that means a policy between $600,000 and $900,000. But this is just a starting point.

Here’s how to tailor the amount based on your real needs:

1. Cover All Your Debts and Big Expenses

Include:

• Mortgage or rent (for the remaining years)

• Credit cards, student loans, car loans

• Any co-signed debts

💡 Tip: If you don’t want your loved ones inheriting your bills, make sure insurance wipes them clean.

2. Provide for Your Family’s Future

Think about:

• Replacing your income for 10–20 years

• Childcare or stay-at-home parent support

• College tuition for your kids

• Retirement support for your spouse

If you have young kids, you’ll need more coverage than someone with grown, independent children.

3. Add Final Expenses and Emergency Funds

Even if your family can handle the day-to-day, burial and final expenses can add up quickly — often $10,000 or more. A good policy also gives them a buffer in uncertain times.

4. Factor in Inflation and Growth

$500,000 today won’t have the same value in 20 years. Make sure your coverage accounts for future cost of living increases — especially for longer-term policies.

Example Scenarios

Don’t Overbuy — But Don’t Underprotect

Too little coverage leaves your family vulnerable. Too much coverage could mean paying more than necessary. The sweet spot is protection that fits your goals — without stretching your budget.

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