There’s nothing more sobering than having to face questions about life insurance. Thinking about your own mortality – or that of your family members – isn’t exactly a pleasant way to spend an hour or two. But what can make matters even worse is not knowing what the heck you’re doing when shopping around for insurance estimates. The first question is always: How do I determine how much life insurance I’ll need?
Unfortunately, there’s no simple equation to answer that question. It really depends on several different factors including your age, whether or not you’re married, how many children you have, how old they are if you do, and how much money you earn. Here are the top three things to consider when getting insurance estimates.