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How much Life Insurance I SHOULD have?

To answer this question you have to understand WHW (Why-How Much-Which)
1. Why
Imagine yourself as an income-generating asset So this asset which is you going to generate income till your working span and fund the following

  • Liabilities (Housing Loan, Car, Loan etc.)
  • Household and lifestyle expenses
  • Children’s future expenses (Education, marriage, etc.)
    Now if something happens to you i.e. death, do you have a plan to provide for all these expenses?

So this is the why of life insurance.

2. How Much
This is very important “Having Life Insurance and Having an adequate life insurance are two different things”.

Adequate life insurance sample calculation

3. Which Type

The main purpose of life insurance is to provide for all the expenses listed above.
So make sure that you first get adequate life insurance by buying a Term plan which is the cheapest form of Insurance.

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