How much term life insurance do I need ?

How much term life insurance do I need? A common starting point is 10–15 times your annual income, but the right amount depends on your debts, family responsibilities, future expenses, savings, and existing coverage.

In this video, we explain a practical way to calculate how much term life insurance coverage you may actually need. Instead of relying only on a simple income multiplier, you’ll learn how to consider the financial needs your family could face if your income were no longer available.

You’ll learn:

* How to use the 10–15× annual income rule as a starting point
* How mortgages, loans, and other debts affect your coverage needs
* How to account for childcare, education, and future family expenses
* Why savings, investments, and existing life insurance should be subtracted
* How your age, income, dependents, and spouse’s income can change the calculation
* How to choose coverage that fits your budget
* A simple formula to estimate your potential life insurance needs

The basic formula is: **Coverage = debts + future financial needs + income replacement − savings/investments − existing coverage.**

For example, someone earning $60,000 per year might consider $600,000–$900,000 as a starting range, but their actual needs could be higher or lower. Watch the full video to understand how much term life insurance you may need and how to make a more informed decision. If you find it helpful, like the video, leave a comment, and subscribe for more personal finance content.

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