How much life insurance a family needs depends on many factors that can't be predicted - like how long you will live. A simple approach is to plan for the worst case ( e.g., immediate death ) and ask yourself:

• How much money will my family need after my death to meet immediate expenses, like funeral expenses, education, mortgage, or debts?
• How much money will my family need to maintain their standard of living over the long run?

Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes and other lump-sum obligations such as outstanding debts and mortgage balances. They can also help your family cover future financial obligations like everyday living expenses, money for college or your spouse's retirement, and so much more.

But how do you know if you need $100,000, $500,000, $1 million or more? The most common way to determine your life insurance needs is by conducting what's called a Capital Needs Analysis.

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