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When you are deciding on a coverage amount, it is important to take into consideration your family's circumstances. What are your day to day expenses? Do you have any long term financial commitments, such as mortgage payments or college tuition? It is generally a good idea to purchase about twenty times your family's annual expenditure. This will ensure that your loved ones have the funds they need to continue their daily life after you are gone.
For most families, the minimum amount of coverage you should purchase is $250, 000. However, your unique circumstances may alter this figure. It is usually a good idea to speak with a life insurance professional before deciding how much coverage you should purchase.
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