How much Life insurance do I need?

There's no doubt that Life insurance provides a sense of financial security. "If all else fails," you think, "at least I'm covered." But determining the amount of Life insurance you need depends on a number of variables: your marital status, current income, (projected) future income, number of dependents, value of your assets, and your preferred lifestyle in general.
A common rule of thumb is that your Life insurance benefit should equal 5-10 times your current income. But there's no one answer: if you're older, and your mortgage is paid off, you may not need as much Life insurance as a new homeowner. On the other hand, if you're single and have no children, you may not need a policy in addition to the one available at your job.
Keep in mind that until that Life insurance benefit is paid out, you are paying a monthly premium. That's why it's important to research your options and talk to an insurance agent who can help you determine the best policy options for your situation. Farmers® offers a wide variety of term and permanent Life insurance coverage, with a range of premium levels to choose from.