Determine How Much Life Insurance You Need

checklist

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)


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