How much life insurance do you need?
Obviously everybody's financial position is different, but here are some main points to consider:
#1. How much would it take to pay your mortgage off on your house?
#2. If your family didn't have the benefit of your salary, how much additional income would they need to make up? How much additional capital would be needed to generate this income assuming a reasonable rate of return?
#3. How much in today’s dollars would be needed to provide a college education fund so for your children?
#4. There are final and other expenses to consider, but by totaling these numbers, we get an idea as to how much your survivors would need if you weren't here to provide for them.
#5. We can then deduct from this total any existing life insurance and liquid assets that you have to get an indication as to how much, if any additional coverage you might need.
If you have any questions or would like us to review your existing life insurance, give us a call
(631) 744-1393 or send us an email info@clausenagency.com.