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How Much Life Insurance Do You Need?

How much you need?
Most experts recommend you buy a life insurance policy worth about seven times what you make in a year. So if you make $25,000, they would recommend about $175,000 in insurance ($25,000 x 7 = $175,000). If you make $40,000, they would recommend $280,000 ($40,000 x 7= $280,000).

YOUR SALARY (such as $25,000) X 7 = AMOUNT OF INSURANCE ($175,000)

But the best thing to do is to figure out exactly what your family's financial needs will be if you die. You can use's Life Insurance Needs Estimator to estimate your family's needs. Or work with an insurance agent to figure out what you need.

How much it costs?
The cost of life insurance depends on:

  • Your age
  • Whether you're a man or a woman
  • Your health
  • What kind of life insurance you choose
  • The company you buy from

Life insurance can often be much cheaper than you might expect. A healthy person in their 20's or 30's, may be able to $200,000 in life insurance for as little as $20 a month. Learn more about buying life insurance.

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