How Much Life Insurance Does Your Family Need?
Lots of us know that we need life insurance, but we just have no idea how much money our family would need if we exited the picture. We have a sort of vague idea that our spouse would have to make do without our salary. Some of us even think about funeral expenses, and we know that funerals average about 8,000 dollars these days. Maybe we even think about our children’s future, and we wonder how they will ever get an education without us.
However, we really do not have any idea how much money all of this will take, and many people underestimate the number. To get you thinking we have published a life insurance needs calculator here! You can input some very simple information in about 30 seconds, hit the compute button, and then get a very rough and very conservative estimate of your life insurance needs.
Keep in mind that the estimate is very rough, and of course, most insurance agents would say that is is very low. The amount I included for education, for instance, is not meant to pay for 4 years at even a state school, but is just meant to take the edge off. It would count on being able to obtain college financial aid from other sources.
What I do want this online life insurance calculator to do, is to be a starting point to calculate your own life insurance needs, your expectations, and maybe even to research some different types of life insurance. For instance, many people do not know if they should buy term life or whole life insurance or universal life insurance. You can get more info on that here: Buy Term or Permanent Life Insurance.
life insurance, insurance needs, term life insurance, whole life insurance
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