How much life insurance to have

I wanted to touch on life insurance today because once you get a handle on how much insurance is right for you, it’s much easier to find the right policy that fits and makes sense for you and your family. 
One of the simplest ways to determine the amount of financial coverage you’ll  need from life insurance as a policyholder is to buy a life insurance policy that's equal to a certain multiple of your income, such as five, seven or 10 times your annual salary. Those with significant assets can use a lower multiple, while those with no savings may be better off with life insurance equal to 10 times their salary. Another rule of thumb is to start with a multiple of your income and then add your household debt, or $100,000 per child, to reach an appropriate death benefit. 
Determining how much life insurance you will need is something you will have to reassess more than once. Experts suggest recalculating your needs after every major life event, such as a marriage, divorce, birth of a child or death in the family. And after a major life event, double-check to make sure you don't need to update your beneficiaries along with your coverage amount. 
If you have any questions or just want more information call 320-679-5183.