Begin with the people, not a multiplier

List the people who depend on your income, benefits, caregiving, transportation, or work at home. Then consider the debts and future expenses they would face, the resources already available, and how long support would be needed.

A simple income multiple can miss childcare, unpaid household work, a mortgage, education goals, business obligations, or existing savings. Writing those needs down makes the assumptions easier to see and discuss.

Review what you already have

Gather individual policies and employer benefits. Note the death benefit, policy type, owner, insured person, beneficiaries, premium, term end date, loans or cash value where applicable, and whether the benefit is portable if employment changes.

Do not cancel an existing policy until any replacement is approved, issued, accepted, and understood. Health and age can affect new coverage, and a replacement may restart certain periods or costs.

Check beneficiaries and ownership

A life event can make an old beneficiary choice inconsistent with today's family plan. Review primary and contingent beneficiaries and ask about the practical issues of naming a minor. Estate and tax questions should go to a qualified attorney or tax professional.

Compare policy features to the duration of the need

Term and permanent life policies work differently. The right discussion includes how long coverage is needed, what is guaranteed, how premiums can behave, and which features matter. Availability and cost depend on the applicant and the policy.

Keep this list handy

Ask these questions about your policy

  1. Who depends on my income or unpaid work?
  2. What debts and future costs should be considered?
  3. What coverage already exists through work or an individual policy?
  4. Are the owner and beneficiaries still correct?
  5. How long does the need last, and which policy features match that timeline?

Sources and further reading

We used the public consumer resources below to prepare this guide. Your declarations page and policy language still control your coverage.