I am considering a life insurance policy, but not sure about the amounts. I am considering between the 100 and 250k amounts. The difference between them is about ~300 a year. Obviously in the event of my death, I want my family to be able to have some breathing room to deal with my debts and the what not. When i was talking this over with my sister, she was shocked I was considering something so high. She and her husband only carry 50k each.
My reasoning, was it will need to at least cover my annual salary, and and while not quite enough to settle the note on the house, it should be able to cover mortgage payments for several years to either wait on selling when the market improves, or at least be usable as a down for my wife to use to move cheaper (if she or the kids mis-use the money, then well, I tried...) place. But what strategies do you guys who have life insurance use to determine how much to buy into?
My reasoning, was it will need to at least cover my annual salary, and and while not quite enough to settle the note on the house, it should be able to cover mortgage payments for several years to either wait on selling when the market improves, or at least be usable as a down for my wife to use to move cheaper (if she or the kids mis-use the money, then well, I tried...) place. But what strategies do you guys who have life insurance use to determine how much to buy into?