How Much Life Insurance Should I get

The first obvious question is, HOW MUCH LIFE INSURANCE DO I NEED?

There isn't one size fit all, but you should consider the following before you start throwing out a number:

Annual Income: This is needed to estimate how much income needs to be replaced via the life insurance policy.
Years of Income Replacement: Number of years the family needs support.
Outstanding Debts: Mortgage, car loans, or other debts.
Education Savings: Expected cost of education for children.
Existing Savings/Investments: Any current assets that can offset the insurance need.

Now that you know what is needed, take a crack at the calculator below.

Note: Everyone's financial circumstances are different and the numbers below are for information purposes only.

Now that you have the amount of insurance you need, calculate your monthly premium.

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