How much Life Insurance do I need?

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Some experts recommend that you purchase 5-10 times your current annual income. This is an old rule of thumb that does not take into consideration current assets and any special needs you and your family may have.

We suggest that you start by determining the amount of income that you would like to replace and the number of years you need to replace this income. In addition, you may want to consider the impact of ongoing inflation and funding future expenses such as college education, retirement as well as any special needs a child or family member may have. The 1stQuote Income Replacement Calculator is a good starting point for determining basic amounts of coverage that may be needed.