FREQUENTLY ASKED QUESTIONS - Answer Details

This depends on the purpose of the life insurance policy. If life insurance is needed to replace your income for the foreseeable future, in the event that you passed away, then your life insurance coverage should be approximately seven times your annual salary. For example, if your annual salary is $50,000, than you would need approximately $350,000 of life insurance coverage to replace your income. You may need more depending on your current debt, how many dependents you have, and future college plans.