Figuring out how much life insurance you need can be difficult and the appropriate amount varies by life stage: age, marital status, number of dependents, earning potential of each spouse and whether both work.

Many financial advisors maintain that correct coverage is crucial to a successful financial plan. Overinsure and good money is wasted on the unlikely event of a premature death. Underinsure, and a family may have to lower its lifestyle at an already traumatic time, a newly single stay-at home parent might have to return to work, a house might have to be sold in a bad market or children attending college might have to drop out.

A rule of thumb for an individual can be to insure oneself for 8-10 times the annual income to meet his/her protection needs. Consultants and online life insurance calculators can provide more specific estimates.

However, one also needs to consider the requirements on savings, retirement and investment. ING Life Insurance provides a host of tools for you to estimate your overall insurance needs and also guides you on which one to use as per your current life stage. Click here to try out one of our tools and estimate your insurance needs.