|Answer: No formula to determine how much life insurance coverage one needs is right for everyone. A quick and basic way to figure our how much you would need is to take your annual income and multiply it by 7. For example, a family with an income of $60,000 might need at least $420,000 worth of life insurance protection. However, some experts feel one may need as much as 10 times their annual salary.
Others feel that this decision should be based upon both your annual income and your assets. Call today and make an appointment to speak with one of our agents if you have questions about your life insurance coverage.