We have all struggled with this one important question: How much life insurance should you buy? I can help you answer that question in 2 easy steps.
1. Cash Now
If you passed away, your family would need an instant infusion of cash to pay for any last medical expenses and a funeral. But how much will that be?
The average cost of a traditional funeral is between $7,000 and $10,000. That’s not counting any doctor or hospital bills your spouse may be left with after you’re gone. If you’re in doubt, leaving $10,000 to $15,000 to handle these expenses is a good place to start.