How to choose a coverage amount
Start with your financial picture. Look at income, debts, savings, and the people who rely on you. A quick rule of thumb is ten to twelve times income. A more tailored approach is a needs analysis that includes housing, childcare, education plans, and ongoing living costs. Subtract existing assets and any group coverage to find the gap to fill.
We build scenarios that show how different coverage amounts affect premiums and peace of mind. The right number should feel appropriate today and still make sense as life changes. You can review the plan each year and adjust if your situation shifts.
Checklist for a practical estimate
- Mortgage balance and years left
- Monthly expenses and inflation
- Education savings goals