Using the Multiple of Income Method to estimate insurance needs,what amount of insurance is needed if your current income is $50,000?

Question

Quizplus · Accepted Answer

The Multiple of Income Method suggests that your insurance coverage should be around 5 to 10 times your annual income. Therefore, if your current income is $50,000, the estimated insurance need would be between $250,000 ($50,000 x 5) and $500,000 ($50,000 x 10).

Using the Multiple of Income Method to Estimate Insurance Needs,what