How much life insurance do I need?

Estimate the cash survivors would need and subtract reliable assets and existing coverage available for those goals. For a coverage review, life insurance needs are commonly based on income replacement, debts, education, caregiving, final expenses, business obligations, and the resources survivors already have. The policy contract and current values should drive the coverage analysis, rather than relying on a sales summary alone. The contract and latest illustration should control the analysis, and have a licensed insurance professional explain in writing any guarantee, exclusion, rider, or surrender restriction that applies.