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How much Life Insurance coverage should I buy?

 To figure out how much life insurance you need, think about your financial obligations. Then, aim to take out a policy to match them. Debt and income replacement calculators can help you decide before you get quotes.

Here are some expenses to consider:

  • Outstanding debts, such as a mortgage, personal loan, or credit card balance.
  • Everyday living expenses, including child care, utility bills, groceries, and car insurance.
  • Future expenses, like funeral costs and college tuition.
  • Another way to crunch the numbers is to multiply your annual income by 10 and use that as a rough estimate.

Although you may have some life insurance through your job, it’s generally a good idea to have your own policy in addition to the life insurance provided by your employer. The policy through your workplace likely isn’t enough to meet your family’s financial needs and can end if you leave the job.

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