Advertisement
|
This Life Insurance Needs Calculator computes an estimate of the amount of life insurance you should carry.
This form is intended to be used by each parent to calculate
their life insurance needs. The insurance coverage will be sufficient to provide for your
children's education and your family's living expenses should you
die.
Some financial planners advise obtaining enough coverage to eliminate your
current debt in addition to providing for the needs of your family.
Others suggest obtaining coverage to eliminate your net debt (total
debt less total non-retirement savings). Still others feel that
the purpose of insurance is to replace your earning power, not to leave
your family with a clean slate. Depending on your personal philosophy,
you should enter your current debt, your net debt or 0 in the Total
Debt field below.