A general guideline is five to seven times our annual income. However, everyone's needs are different, so it is important to work with a licensed agent to determine your needs. Questions to consider:
- Do you have a financial plan to pay for your children's education?
- Do you have a savings plan to help cover financial emergencies?
- If your family were to lose an income, would the other members be able to maintain their lifestyle? Would the survivors be able to pay the mortgage? If necessary, what would you do for child care?
- If you or your spouse were to die suddenly, would your survivors be burdened by large debts?
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