Thankfully, calculating how much life insurance you should buy is fairly straightforward. Experts recommend simply multiplying your current salary by 10. So if you make $50K/year, you would want to apply for $500K-$600K in coverage.
Alternatively, you could add up all of your current assets, debts, and future expenses like your child’s college tuition to get a sense of everything you’d need to cover. Still not sure? Try our coverage calculator.
Example things to consider when deciding your term length:
If you’re young and healthy, we recommend choosing a longer-term, between 20-30 years. We suggest you lock down a lower rate now.
You should get term life insurance if you:
You should get whole life insurance if you: