Here is a good calculator help you figure out how much life insurance you may need with one child. It allows you to enter the age of the child as well as a lot of other factors to give you a more precise life insurance suggestion. http://www.lifehappens.org/life-insurance-needs-calculator/
In general, you need to determine how much it costs to raise your child to adulthood, including inflation, and how much would be lost if the insured's income was lost. Then try to replace that income with life insurance.
This calculator can help you determine how much life insurance you need with one child: http://www.lifehappens.org/life-insurance-needs-calculator/
It allows you to put in the age of the child, along with other factors, to give you a suggested amount of life insurance. Or you can estimate what it would cost to raise your child to adulthood, including inflation, and determine how much income would be lost if the insured person were to pass. Then replace that lost income with life insurance.
Agent, Rural Mutual Insurance Co., Union Grove, WI
Wow, that's a tough question. That is going to depend on many factors, such as: whether or not your married, your income, your age and various other factors. To best determine what would be best in your situation contact your local agent and they can explain the pros and cons of the plans that they have to offer allowing you to make a more informed decision.
Here is a link to a good life insurance calculator that can help you determine how much life insurance to get with one child, using your own financial and personal details so that it can be applied to your situation. http://www.lifehappens.org/life-insurance-needs-calculator/
Here is a link to a good website calculator that can help you determine how much life insurance to get with one child:http://www.lifehappens.org/life-insurance-needs-calculator/ It takes into account your personal and financial information so that you can arrive at an amount appropriate for your particular situation.
Even more helpful would be to talk to a live agent who can ask you the right questions and give different options so that you can find the best choice for you and your child.
In the culture in which we live, providing living expenses, education and supervision for a minor child in the event that you're not alive as the primary care giver are stewardship concerns for any parent. Another cultural consideration of financial significance in raising a daughter is the funding of her wedding.
The coverage period should be from the child's present age to age 21. The cost to raise your child should not be a burden on the custodian, so the annual expense of raising that child over the years that precede the child's 21st birthday may be a minimum of $12,000 a year, plus a college education at a state university around $50,000 for four years and $25,000-$30,000 for a wedding if cultural norms are maintained. So you could be looking at $250,000 -$300,000 just to cover a minor child at the minimum financial commitments through graduation and marriage.
Now add your final expenses for a funeral and medical bills to all your debts and mortgages. The typical single parent made need an additional $400,000- $500,000 to coverage these items. A guaranteed level term policy should be fairly inexpensive if your a healthy non smoker and under the age of 50. For a realistic quote, feel free to contact steve@thebiz.tv.
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In general, you need to determine how much it costs to raise your child to adulthood, including inflation, and how much would be lost if the insured's income was lost. Then try to replace that income with life insurance.
It allows you to put in the age of the child, along with other factors, to give you a suggested amount of life insurance. Or you can estimate what it would cost to raise your child to adulthood, including inflation, and determine how much income would be lost if the insured person were to pass. Then replace that lost income with life insurance.
Talking to an agent would be even more helpful.
Even more helpful would be to talk to a live agent who can ask you the right questions and give different options so that you can find the best choice for you and your child.
The coverage period should be from the child's present age to age 21. The cost to raise your child should not be a burden on the custodian, so the annual expense of raising that child over the years that precede the child's 21st birthday may be a minimum of $12,000 a year, plus a college education at a state university around $50,000 for four years and $25,000-$30,000 for a wedding if cultural norms are maintained. So you could be looking at $250,000 -$300,000 just to cover a minor child at the minimum financial commitments through graduation and marriage.
Now add your final expenses for a funeral and medical bills to all your debts and mortgages. The typical single parent made need an additional $400,000- $500,000 to coverage these items. A guaranteed level term policy should be fairly inexpensive if your a healthy non smoker and under the age of 50. For a realistic quote, feel free to contact steve@thebiz.tv.