How much insurance do I need?

How much insurance do I need?

Elliot Matloff (President and Broker, The Matloff Company) gives expert video advice on: What types of insurance are there?; Why do I need insurance? and more...

You need the amount of insurance that's going to do the work that you want it to do. So as an example, if you have two children and your whole goal in life is to make sure that they're educated in college, you figure out how much it's going to cost per child to educate them. Let's say you would like them to go to Yale or Harvard and you figure in 20 years it's going to cost $200,000 per child--that's $400,000. It would be a good idea to have at least $400,000 of life insurance that would fund that particular expense.