Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.policy that's worth 10 times your income.
I've had life insurance coverage in place since my wife and I had our first child, but I've added to our coverage several times as our family has grown. These days, I have around $2.5 million in term life insurance coverage for my wife and kids, which is probably more than they could ever need if I should suddenly pass away.
There are a myriad of reasons why 10 times your income — or $100,000 in coverage for every $10,000 in salary you earn each year — may not even be close to enough.Consider your income — and your expenses, toois mostly intended to replace your income once you're gone, there's a lot more to think about other than the size of your paycheck. You also need to consider how much debt your family has, including how they might pay it off if you were to pass away before your time.
It's highly possible your spouse will need to take some time off to grieve, and it's also possible they'll want to cut down on work hours or even stop working all together once they face life alone — especially if you have kids. Having plenty of life insurance can help your family out if your spouse or partner gets sick and cannot work, or even if one of your kids winds up requiring expensive surgery or priceyYou can plan for a lot, but you just can't plan for everything. Life insurance can be there to cover any surprise expenses your family might face, no matter what they are.Buying 10 times your income in life insurance may be common wisdom, but I tend to believe this advice is outdated.
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