Choosing coverage amount
In addition to your coverage period, the coverage amount is another important consideration. The coverage amount is how much will be paid to your beneficiaries. Your coverage amount will depend on the need you are trying to meet, but these are some general factors to consider:
- Your potential income
- Your assets
- Your liabilities (such as debts)
- Any existing insurance (individually owned or through work)
- Other costs your family is expected to face
Determining coverage amount and duration by life event
Major events in your life can be good opportunities to make your initial life insurance purchase or review your current coverage.
Use the table below to help determine your coverage amount and coverage period according to the milestones you have reached or that you will in the near future.