1. Start with what you owe
Add up your mortgage or remaining rent commitments, car loans, credit cards, and other debts you wouldn't want to leave behind.
2. Add everyday costs
Think about how many years your family would need help with groceries, bills, and childcare. Multiply your yearly take-home pay by that number as a rough guide.
3. Include future goals
College, a wedding, or care for an aging parent are worth considering if they're important to you.
4. Subtract what you already have
Savings, retirement accounts, and any life insurance through work can reduce how much you need.
This guide is general information, not personal financial or insurance advice.
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