While you won’t be able to pinpoint the amount you’ll need
to the penny, you can make a sound estimate. Your goal should be to
develop a life insurance plan that, following your death, will allow
your family to live comfortably without your economic contribution. Also
consider the effect of inflation over time. The amount needed for
retirement or college 20 years from now is likely to be significantly
higher than today.
To estimate the amount of life insurance your family would need, first calculate everything you now provide for your family including:
Then, subtract your personal expenses including:
To estimate the amount of life insurance your family would need, first calculate everything you now provide for your family including:
- Salary
- Benefits/health insurance
- 401(k) and retirement savings
- Personal services you perform for your family, such as child care, cooking, home maintenance, etc.
Then, subtract your personal expenses including:
- Annual spending on personal needs, such as food, clothing, entertainment, etc.
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