Q. What is the amount of Life Insurance coverage that I should take for myself ?
The amount of Life Insurance coverage that one should take varies from individual to individual. The basic objective of getting coverage is to ensure that the beneficiaries are able to sustain their standard of living, in case of loss of the earning member of the family. As a rule of thumb, one should be covered for an amount which is equal to 10 times the current annual income of the earning member.
Getting adequate coverage is the foremost priority of buying an insurance plan.