Deciding on employer-provided life insurance or private insurance may be your first consideration. Other important factors to consider when purchasing insurance are the size of your family, your spouse’s income, life insurance needs, your ability to pay premiums, and whether or not you will have dependents in retirement. Review these key considerations to help you decide when to get life insurance.

Determining how much coverage you need depends on various factors, including your family size, age, income, debt, and future goals. Different rules of thumb can help you arrive at a specific coverage amount. Working through a series of logical steps can help you decide how much life insurance you need at this point in your life. A life insurance calculator is an excellent way to estimate your required insurance.

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The “Human Life Value” (HLV) concept pertains to life insurance and financial planning. It represents a person’s value in terms of their financial contribution to their family or dependents. In other words, if that person were to die suddenly, the HLV would estimate the financial loss that their family would incur.