As discussed in the previous article, there are no rules to determine how much coverage is best for you. There are several factors and conditions that make each case different. The amount of life insurance you need should be determined according to your specific condition—if you are single or you need to take care of relatives or other dependants, and if there is more than one income in your family.

Generally, to determine how much life insurance you need means to subtract the amount of the total income that would be lost if the insurer died from the total amount of the fixed economic needs of the family. It also means to calculate the impact of inflation (usually estimated a 4% per year) and accumulate enough “extra” to compensate for the effects of inflation. It can sound complicated, but it is worth it to do it. It is also something that you do not have to do alone.

A life insurance agent can help you determine how much life insurance your family will need in the long term, based on the scope of your economic responsibilities and the type and amount of your other resources.

Life insurance is flexible—with various types of policies and available clauses—and an agent can work with you to decide what products will best suit your fixed needs and your future goals.

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