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by Indiana Farm Bureau Insurance

How much life insurance do I need to protect my family?

Father and daughter playing on the floor reading a book and wearing paper crowns

What is the point of buying life insurance?

The most important reason for someone who has a family to purchase a life insurance policy is simple: 

To financially protect their family in the event of their death, and to replace the deceased’s income so the family can continue to live in the same lifestyle they were accustomed to living before the loss of their loved one.  

It provides peace of mind that in the event of a premature death you can still take care of your family even though you are no longer with them. This policy can’t replace the loss of a loved one; however, it is designed to replace his or her income to use for your family’s needs.  


How can life insurance help my family?

Life insurance offers guarantees. Regardless of what happens to you, there is assurance and peace of mind knowing that because of the insurance you purchased, there will be enough income to help ensure: 

  • Your children will continue to participate in all their extracurricular after-school activities. 
  • Your spouse won’t financially struggle, they won’t have to get a new or an additional job to financially support and take care of your children.  
  • Your family will not have to move out of the “home” you built together. There will be enough money to pay off the mortgage and allow your children to grow up in the same neighborhood with all their friends. 
  • Family vacations will continue. 
  • The children will have the option when they graduate high school to attend college or a trade school because there will be money set aside for their future education. 

The benefit of having a life policy is that the love and protectiveness a parent has for their children continues by protecting the family from financial hardship after the unthinkable.    

How do I determine how much life insurance coverage I need?

When determining how much coverage you need, there are many things to keep in mind. What do you want for your family in the event of the unexpected? What are the needs of your family later in life? How much do you want your premium to be? These and many other questions are important to ask yourself before purchasing a policy. Our agents are here for you and specialize in how to best meet your insurance needs.


Who can help me learn more?  

First, you will want to contact your Indiana Farm Bureau Insurance agent or find an agent online to talk to. They will help you figure out what is most important to you and help you determine how much protection your family needs. They will help you create a customizable policy that fits your needs and gives you peace of mind. 

What are my next steps if I don’t have a policy? 

Once you either contact your Indiana Farm Bureau Insurance agent or find an agent online, their job is to use their insurance expertise to guide you through all the steps of purchasing a life policy: 


  • Utilize the life insurance calculator to complete a needs analysis to determine how much coverage your family needs 
  • Determine  what type of life insurance is best for you
  • Calculate the amount of monthly income you can comfortably apply towards your premiums
  • Contact or find an agent to start your application
  • Depending on your age and how much protection you are applying for, you may have specific underwriting requirements that need to be completed (oral swab, physical exam, personal history interview). Want to find out more? Contact an agent or call 1.800.723.3276
  • Once the application is approved, your agent will receive the policy and will meet with you to deliver and review it 

 At Indiana Farm Bureau Insurance, our agents specialize in working with you to find the best life insurance policy to protect your family if the unexpected happens. Life insurance is not just an insurance policy, it’s peace of mind for you and your family.  

*The information in this article was compiled from a variety of sources and is intended to provide helpful tips only.