How Much Life Insurance Do I Need?
Income Replacement
What is your net annual income?
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How many years of income would your policy’s death benefit provide for your family? (Recommended: 20 years)
Mortgage Balance
How much money do you currently owe on your mortgage?
Other Debts and Expenses
How much debt do you have? (Auto, loans, credit cards)
How much will your final expenses (i.e. funeral costs) be? (Typically $10,000-$15,000)
Education Expenses
If you have a child, how much will their education cost? (General estimate: $100,000 for four-year in-state public university and $200,000 for private college)
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How many children will you pay for?
Your Assets
How much in available assets do you have? (Includes cash, savings, certificates of deposit, other)
How much additional life insurance do you have?
You should consider having a policy worth at least$