This amount varies greatly from person to person. Things to consider include:
- The cost of final expenses – an average funeral costs $6000.
- Current Debt – credit cards, student loans, mortgage, car loans, etc.
- Future Expenses – lifestyle, college tuition, children’s’ wedding, etc.
The amount of life insurance you need is . . . what you can afford long term. If you can afford $10/week, get that coverage. Too many people enroll in a policy to cover every expense only to cancel after a few years when they cannot afford the payment. Add more when you can.