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[Pembo]

*****

 

[Toby'sFriend]

It really depends on the individual.
In the case of myself and my husband we carry enough to pay all funeral/burial expenses, pay off all our debts, finish the college funds for 3 children, an enough so either of us would not have to work until our children are grown or at least old enough that babysitting/daycare wouldn't be an issue.

My husband has 4 times his salary through work and then a 20 year Term policy for $1 million. I have $50,000 from his employment and then a $750,000 20/year term policy.

Now my Mother -- a $10k policy to pay her final expenses is all she needs.

I really don't like any of the Universal/Whole life products.

 

[Abracadabra]

One thing to keep in mind... it's easier and cheaper to purchase life insurance when you are younger. The longer you wait to buy, the more expensive it becomes. Plus you add in the possibility of having something that will exclude you (if a medical exam is required).

You need enough to cover not just funeral expenses, but also to cover your bills, commitments, etc. I currently carry 3x my annual salary at work, plus an additional $250,000 policy. My employer also provides a basic $50,000 policy. I joke that I'm worth more to my wife dead than alive. (It's just a joke!)