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How Do I Calculate How Much Life Insurance I Need? Life insurance protects you and your family from economic hardship as a result of death. It is an insurance company's obligation to pay the recipient of your choice a pre-determined amount of money when you die in exchange for timely payment of premiums while you are living. Do you really need life insurance? Well do you want to provide for your family and loved ones in a manner to which they have become accustomed in the untimely event of your death? If you are the primary breadwinner who will pay the mortgage on the house your spouse and children live in if you pass? Who will provide financially for your family if you are gone? How will your children's education be financed in your absence? And finally how will your burial expenses be covered? Now that you have decided you do indeed need life insurance, how much do you need and if you already have life insurance do you have enough? Some things you will need to consider when making this decision: How much can your family afford to pay off your mortgage loan or your rent if you die? How much debt will you leave behind to include credit card balances, car loans, student loans, personal loans etc.? How much annual income will your death remove from your household? How much will the funeral you desire cost? Do you want to leave behind a charity fund in your name? Do you have special family members you would like to leave » Discuss it » Continue Reading »
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