In 100 words or less, how much life insurance do you need?Aug 17, 2021
𝙏𝙝𝙚 𝙗𝙖𝙧𝙚 𝙢𝙞𝙣𝙞𝙢𝙪𝙢: enough to cover all of your current debts if you were to die.
𝙏𝙝𝙚 𝙢𝙖𝙭: all of your debts plus 7 to 10 times your gross salary. This money would create an income stream for your family to replace your paycheck.
𝙏𝙝𝙚 𝙧𝙞𝙜𝙝𝙩 𝙖𝙣𝙨𝙬𝙚𝙧: somewhere between those two that fit your budget. Some is ALWAYS better than none, but term insurance is so cheap that if you are still young you can usually get the max for less than $100 a month.
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