Life insurance is not a topic people spend much time thinking about. That’s because it is only ever necessary in death, a subject we don’t like thinking much about ever. But if you have people that depend on you – a spouse, children, employees – life insurance is an important part of your personal financial portfolio.
To calculate how much life insurance you need, the good people over at CNN Money provide a simple online calculator. It is based on your annual income, marital status, age, and number of children. Generally speaking, you should have an amount equal or greater than any known future costs minus current assets.
Check out this article for more details.