How much life insurance coverage do I need?

The amount of life insurance coverage needed varies for each individual. Several factors come into play when determining the right coverage amount. These factors include your current financial obligations, such as mortgage payments, debts, and daily living expenses, as well as future needs like your children's education expenses and income replacement for your family. It is essential to assess your family's financial needs and consider any additional expenses that may arise in the future. Prudential recommends using their Life Insurance Needs Calculator, which considers these factors, to estimate the coverage amount you might need. This tool helps individuals make an informed decision about the appropriate life insurance coverage that can support their loved ones financially in the future.