Why do you need life insurance and how much do you need?

Insurance is about protecting your loved ones. It could help pay funeral expenses, pay off your mortgage or debts, fund college, and help your surviving spouse or significant other afford the everyday costs of running the household.

While having life insurance through your employer is a nice benefit for those who get it, it may not be enough to meet the financial needs of your family if something happens to you. Once you understand how much life insurance you need, you may need to look for additional coverage apart from your employer.

Five to ten times your annual income is a general recommendation for the amount of life insurance you may need. Where you fall in that range will depend on your specific situation. Contact a professional for more information.