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How Much Life Insurance do You Need?

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Consider these things when selecting the amount of coverage. 1. Number of family members that financially depend on you. 2. Your current income and the premium you can afford. 3. Reason for seeking insurance- risk cover, income protection, savings, tax planning or investment tool. 4. The living standard and the cost of living of the family. 5. Benefits that may be received from an employer sponsor life insurance plan. 6. Special life insurance needs i.e. mortgage payments, education fund or estate planning. 7. Other old age or superannuation benefits.
Source: http://www.investinternals.com/