How Much Term Life Insurance Coverage Should You Buy?

To determine how much life insurance you should have, add the following:

• Mortgage balance or rent for 5-7 years
• Final expenses (burial, misc. debts, etc.)
• Childs education costs (College, private school, daycare, etc.)
• Expenses or replacement income for a 5 - 7 year period (not including education, mortgage or rent)
• Credit card, vehicle, student loans and other short term debt

Keep in mind inflation can influence the amounts, especially if you have a long term life policy