Especially during our younger, working years, life insurance can be a great way to make sure your family is provided for in the event that you are no longer around to do so.⁠⁠ With so many different types of life insurance, it can be challenging to decipher which is best, and in what amount.⁠⁠ As a general rule of thumb, here are some considerations to determine how much life insurance you need:⁠⁠

✺ Are you the primary income earner in your family? ⁠

✺ What is your annual income?⁠

✺ How many dependent children do you have?⁠

✺ How much debt do you have, including your mortgage?⁠

✺ Do you own a business?⁠

✺ How many properties do you own?⁠

✺ Are you trying to grow your wealth, increase your income in retirement, or actively estate planning for future generations?⁠⁠

Generally speaking, whole life insurance is the best and most commonly used type of life insurance for estate planning purposes.⁠⁠ Did you know that life insurance can also be a great tool for business succession?⁠