Underwriters Thumb Rule, Life insurance need is a multiple of annual income depending on the age(see below)
Age | Worth of life insurance |
20-30 | 15 x annual income |
31-40 | 14 x annual income |
41-45 | 12 x annual income |
46-50 | 10 x annual income |
51-55 | 8 x annual Income |
56 Upward | 6 x annual income |
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