·        Future Financial Obligations: Children’s education and outstanding   mortgage are two of the biggest financial expenses many families face. Although the outstanding mortgage amount is reducing (unless you refinance or buy a bigger home), the cost of a college education usually increases every year. Assuming an Ohio state-tuition will reduce the amount of needed life insurance coverage.

·        Replacement of Income: If you are the sole or principal provider of income for your Ohio family, you need a life insurance policy large enough to replace that income. Of course, the younger you are, the greater the potential lost income, and accordingly, the need for a larger face amount of coverage. Assuming a 7% return on your investments, you would need a $715,000 policy to provide $50,000 of continuous income to the beneficiary. A 9% return would reduce the required face amount to approximately $450,000.

·         Your Budget:  Perhaps the most important factor in determining how much coverage you need is the dollar amount you are willing/able to spend each month to pay for the policy. If you don’t have the available funds to purchase enough life insurance coverage, then reducing the face amount of the policy or selecting a shorter period of term coverage will lower the rate.

·         The Amount Of Debt You Have: Your debt consists of mortgages, credit card balances, car loans and any other money you owe to a third party. Credit card debt would be the main priority because of the high interest rate on the outstanding balance. Paying off debt is essential if the principal source of income is no longer available.