HOW MUCH LIFE INSURANCE DO I NEED?
Everyone is in a different situation and needs can vary greatly.
Here are some questions to ask yourself:
As you figure out what you have to meet these needs, count the life insurance you have now, including any group insurance where you work or veteran’s insurance. Don’t forget Social Security and pension plan survivor’s benefits. Add other assets you have: savings, investments, real estate and personal property. Which assets would your family sell or cash in to pay expenses after your death?
We have a calculator below to help you.
Here are some questions to ask yourself:
- How much of the family income do I provide? Would my survivors, especially my children, be financially stable? Does anyone other family member depend on me financially?
- Do I have children for whom I’d like to set aside money to finish their education in the event of my death?
- How will my family pay final expenses and debts after my death?
- Do I want to leave my money to family members or organizations?
- Will there be taxes to pay after my death?
- How will inflation affect future needs?
As you figure out what you have to meet these needs, count the life insurance you have now, including any group insurance where you work or veteran’s insurance. Don’t forget Social Security and pension plan survivor’s benefits. Add other assets you have: savings, investments, real estate and personal property. Which assets would your family sell or cash in to pay expenses after your death?
We have a calculator below to help you.