Insurance plans can cover a range of services, including medical, dental, vision, prescription drugs and maternity. These policies most often provide coverage for Doctor’s visits, prescriptions, medical testing, specialized care, and surgical procedures.
There are many calculators available for determining life insurance need. What you need to do is think about what it would be like financially if you or your spouse died and there was no insurance. Think about what you would like things to be like financially, and calculate how much insurance is necessary to fill the gap. Another approach is to pick specific insurance amounts and then apply those amounts to your situation. For instance, if you had $500,000 of insurance and you died tomorrow, what would your spouse do with the money and what would their financial life be like?