[LuckyJB]

Originally Posted by disneysteve

This is a good rule of thumb and a good starting point for calculating how much you need, but it is just a starting point. From there, you need to determine what the actual needs would be upon your death. When I first took out my policy, we had recently bought our house, had a newborn baby and I had 6-figure student loans and not much in savings. My insurance needs were high. Now, my loans are gone, our mortgage balance is smaller, our daughter is almost 13, we have no other debts and our personal savings have grown considerably so my insurance needs are smaller. My first policy was actually for 15 times income. Now, it is for less than 10 times income. A few more years and I'll probably be able to drop it again.

Great you got that all on the right track for your family. I figure the more I can leave my family behind the better they can be well off even if that means more extra money for them to use on other living expenses or so on.