Are you looking for a short term policy to pay off an auto loan or home mortgage?

• Are you looking for just enough to cover burial expenses?
• Or maybe you’re looking to replace lost money so your family isn’t left with a burden upon your death?

The number in the last scenario is typically where people get stuck.

You’ll want to look at your annual salary times the number of years of income you are replacing. This includes outstanding loan amounts and other debt. Other things to consider include: If you have children, what will college cost? What about weddings and other activities they may be involved in over the years?

Will the surviving spouse be able to afford for your children to continue playing their favorite sport or extracurricular without your income? Will college be a financial strain or completely out of the question? What about stay-at-home parents? There may now be expenses like cleaning and daycare that one parent used to do, but now that they are gone, these things need to be hired out.

For each individual, this number will be different. But all of this should be taken into account when determining what your individual need is.