How Much Term Life Insurance Do I Need?

How much term life insurance you'll need depends on a number of factors. Many people base their life insurance needs on the income they would need to pay down any debts.

For example, an average family might choose the coverage, or "face amount," of their term life insurance policy based on five to ten times their gross income, plus any other needs such as paying off the mortgage and debts. You might want to consider future expenses as well.

Your coverage should factor in lifestyle, financial goals, debts and often-overlooked expenses, such as additional childcare expenses.

When determining your term life insurance coverage needs, consider the following:

The size of your family and ages of your family members
The standard of living you'll want them to be able to maintain
The costs for childcare or care for an elderly parent, if you are an in-home caregiver
Future expenses such as education, health care or mortgage costs
Final expenses, such taxes, legal fees and funeral costs

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