The amount of life insurance you should buy depends on various factors such as your income, your debts, your dependents, your lifestyle, and your future financial goals.
A common rule of thumb is to buy life insurance coverage that is equal to 5-10 times your annual income. For example, if you earn $50,000 per year, you may want to consider purchasing a life insurance policy with a death benefit of $250,000 to $500,000.
However, this rule of thumb may not be appropriate for everyone. If you have significant debts or dependents, you may need more coverage to ensure that your loved ones are financially secure if something were to happen to you. You may also need to consider factors such as your mortgage, your children's education expenses, and other long-term financial goals.
Reserve an appointment with me today and I will help you determine the appropriate amount of coverage based on your individual circumstances and needs.