If you are the sole income provider for your family, you need enough life insurance coverage for your dependents to live on until your spouse finds employment or your children are capable of earning their own living. You may need to cover childcare and education as well as funeral costs and expenses related to your business.
There is a right way and a wrong way of determining the amount of coverage that you need.
There is a right way and a wrong way to determine the amount of life insurance coverage that you need. Try to avoid these common pitfalls:
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.