How much life insurance should you own?
It is often suggested an amount equal to 6 to 8 times your annual earnings. However, there are other things to consider when determining how much life insurance you need. Important factors include: income sources and amounts other than salary/earnings; whether or not you’re married and, if so, your spouse's earning capacity; the number of people who are financially dependent on you; the amount of death benefits payable from Social Security and from an employer-sponsored life insurance plan, whether any special life insurance needs exist. The best thing is to speak with an insurance adviser for a precise calculation of how much life insurance you need.

What about buying life insurance for a spouse or children?
Generally, that should not be done in lieu of buying appropriate amounts of life insurance on the family income provider(s). It is extremely important that you protect the earning capacity of the primary breadwinner, if possible, with the right amount of life insurance before considering life insurance on children or spouse. In a dual-income household, it is important to protect the earning capacity of both spouses. Life insurance for a non-wage earning spouse is often recommended for help in paying for household services lost if that spouse dies.

Can an existing life insurance policy be used to provide for the repayment of an outstanding mortgage loan?
Yes. Lenders don’t usually require that you buy a new mortgage protection term insurance policy. An existing policy, either term or cash-value life insurance, can be used for many purposes, including paying off an outstanding mortgage loan balance in the event of your death.

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