DON'T BUY MORE THAN YOU NEED
Some agents or financial planners will suggest you buy insurance to cover seven to 10 times your annual income. This may not be the best approach for everyone, however. "What if you have a lot of savings or already have some life insurance? The seven-to-10-times rule does not take this into account," says Chris Abrams, owner of Abrams Insurance Solutions. Rather than strictly following such a rule, use a life insurance needs calculator to help determine the right amount of life insurance for your situation.