Q: How much life insurance do I need?
A: Customers often ask us how to know how much life insurance they should carry.
Figuring out how much life insurance you need starts with looking at who and what you want to protect. That often depends on what life stage you’re in.
Look at income, your family size, your home’s value, the debt you carry, and any businesses you may own. If you have a family, you’ll want to make sure that their needs would be met if you were no longer around and your income was gone. This includes basic costs, like mortgage, taxes, food, and clothing, as well as your children’s future education needs.
A simple way to determine the amount of life insurance you need is to multiply your current income by 10 to 15.
Some people who have life insurance through work assume that this will be plenty for their family to live on. Depending on your life stage, that may be correct. In other instances, that amount may fall short and you’ll want to consider an additional policy.
Have further questions about life insurance? Call or text my office at (704) 526-0887 or visit us in person at 9539 Idlewild Road or online at MyMintHillAgent.com.