In insurance context, this is often known as Sum Assured or Face Amount.
It is the basic element when getting a Life Insurance plan.
So how do we determine how much should we cover?
Here are the Step-by-Step Guide
Step 1: Identify & Understand
Understanding client’s current insurance policy/policies (if any) OR Identifying client’s coverage needs
Step 2: Determine 5 areas of insurance coverage needs
Hospital & Medical
Step 3: Calculate
Calculating client’s insurance coverage needs
Estate Administration Fee, etc
Step 4: Source & Compare
Study & Compare from multiple insurance companies
Step 5: Budgeting
Premium matching with your current cashflow
Step 6: You are now Covered!
Out Financial Advisers will review your insurance policy from time to time, to ensure you are constantly protected with the right coverage types and with adequate protection amount.