How Much Life Insurance Do I Need?

  1. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFC
    Co-Founder, Coastal Financial Partners Group, California
    Conventional methods center on a capital needs analysis (how much do I need as a lump sum at my death to create an income for my family). Other methods look at Human Life Value and still other use variations on these methods.

    Ask a life insurance professional to provide a customized analysis for you and your family.

    There are a wide variety of online calculators such as this one:

    http://www.myconfidentfuture.com/insurance/Calculator_01.aspx

    These online calculators can help get your arms around the problem and better prepare you for a planning discussion with your agent.
    Answered on April 12, 2013
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    When you die, you won’t need any. Those you love will suffer tremendous loss and they are the ones that set the amount of insurance that you need. Few want to leave their family in debt and most want their family to be able to maintain their lifestyle. Some even have dreams of seeing their children attend universities. Whatever you want for those you love dictates the amount of life insurance to own.
    Answered on November 6, 2014
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