Title is the essence of the question. I've heard the general suggestion of 10x your income is a good idea. My employer offers up to 5x my income at a very good rate (a few dollars per month).
I've been advised by my house/auto insurance agent and also by my financial advisor (both of whom probably have something to benefit) to get a supplemental policy outside of my employer for an additional 3-5x my salary. This also has the benefit that the plan would come with me if I left my current employer or lost my job and had fewer options in the future.
How much is the right amount?
Personal details:
Currently I am the sole income provider (wife stays at home with 2 kids). I make about 75k per year before taxes/insurance.
Also, let's say I'd want 10x my salary - would that be based on my take-home pay or my gross pay? e.g. 10x for $75k would be $750k total, or would I do closer to $450k based on 10x take-home pay?
Submitted October 26, 2017 at 12:52AM by toastytoast00 http://ift.tt/2yKuNdz
