Like it or not, death is inevitable, with life insurance there is a protection against the loss of income that would result in case the person who is insured passed away. In this article I am not going to advice you about a mathematical formula to derive at your need. I’d only let you think about your need so that you can come up with the figure yourself. I’ll just outline the requirements for your calculation.
In basic financial planning, life insurance is of great importance. Figuring out exactly how much life insurance you need can be a daunting task, but it is one task that you need to tackle especially if you have dependents looking up to you. One of the basics your should look at while deciding upon your life insurance is to consider the standard of living that you want your beneficiaries to maintain in addition to your financial situation.