How do I know how much life insurance to buy?

Start with what your family would need: your income, what you owe and who depends on you. The free calculator gives you a first number, and David helps you adjust it.

More detail

Here's a simple way to think about it. Say you bring home most of your family's income and still owe on your house. If something happened to you tomorrow, how many years of that income would your family need? Add the mortgage, other debts, final medical bills and burial costs, plus any goals you want covered, like a child's education.

Then subtract what's already in place: savings, policies you already own and any coverage through work.

A common mistake is picking a round number that sounds nice, or relying only on a rule of thumb like a multiple of your income. Working through your real numbers gives a much clearer answer. Another is forgetting inflation: what covers your family today may fall short years from now.

What to have ready: • Your income and your spouse's • Your mortgage and debt balances • Any life insurance you already have, including through work

Your needs change over time, so it's wise to review your coverage every few years. I'm glad to work through the numbers with you.