Find out how much life insurance you really need by filling out this life insurance checklist.
$______ Mortgage or rent payments.
Remember your family will need to pay all or part of your outstanding mortgage balance or make future rent payments.
$______ Income replacement.
To replace your income, multiply the percentage of income to be replaced by the number of years the income would need to continue.
$______ Education expenses.
Remember, the cost of education keeps rising.
$______ Personal debts.
To remove or reduce the financial burden on your family, it’s important to pay off any personal debts you may have.
$______ Emergency fund.
Experts suggest three to six months of income to meet unexpected expenses such as a new roof, auto repairs or tax obligations.
$______ Final expenses.
According to the funeralplan.com in 2010, the average cost for a funeral with burial is $7,000.
$______ Total Needed. (add all amounts above)
-$______ Minus current resources. (assets of life insurance coverage you currently have)
$______ Amount not covered. (subtract your current resources from the total needed)