1. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFCPRO
    Co-Founder, Coastal Financial Partners Group, California
    This is one of the most commonly asked questions about life insurance. While there is no specific answer, there are methods we can use to determine what's right for you and your family.

    Most studies suggest many have no life insurance at all and of those who do, many are underinsured. We often meet with clients who have coverage of less than one times their current annual income. Insurance companies generally approve coverage amounts up to 25X income (under age 45).

    There are many calculators online which can help such as this one:

    http://www.myconfidentfuture.com/insurance/Calculator_01.aspx

    But there is no substitute for an experienced life insurance professional who can help you plan to have the right amount based on need and budget and can adjust the plan over time to meet changing needs.
    Answered on April 30, 2013
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