How Much Insurance Do You Need?

Ask yourself these questions to help determine how much insurance you need:

How much of the family income do I provide?
If I were to die early, how would my survivors, especially my children, get by?
Do I have children for whom I'd like to set aside money to finish their education?
Does anyone else depend on me financially, such as a parent, grandparent, or sibling?
How will my family pay final expenses and repay debts after my death?
Do I have family members or organizations to whom I would like to leave money?
Will there be estate taxes to pay after my death?
How will inflation affect future needs?

Once you have a good idea of what your needs are, take into consideration any life insurance you have now, including any group insurance where you work or veteran's insurance. Don't forget social security and pension plan survivor's benefits. Add other assets you have such as savings, investments, real estate and personal property. Which assets would your family sell or cash in to pay expenses after your death?