#2:. How much life insurance do I need?
Look at your current situation. The first thing you’ll want your insurance to do is take care of housing for your loved ones. Paying off a mortgage or providing years of rent can go a long way to helping ensure financial stability for survivors.
Then think about income replacement. A good rule of thumb says that life insurance should buy time so that a surviving spouse can focus on the family until the last child reaches age 25.
At a minimum, though, you should try to provide five or 10 years’ worth of salary so a spouse can get things in order and attain necessary education or job training.
There are many great tools, including the USAA Life Insurance Needs Calculator¹, to help you evaluate your requirements. You also could talk with a USAA financial advisor.