Before you decide how much life insurance you need, take all the potential expenses into account. If something happens to you, your loved ones will have to pay monthly bills, including mortgage, electric, and car payments.
You might want to make one of your children your beneficiary, but that’s a bad idea if they’re still a minor. If you name a minor as your beneficiary, they won’t be able to collect the money from your life insurance policy until they’re either 18 or 21.
If you want to make sure your family is prepared if anything happens to you, take a moment to create a will online. Writing a will makes it easier for your loved ones to deal with your passing in a legal sense.