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Protecting your Family with the Right Life Insurance Coverage



September 6, 2009 — A main question on a lot of individual’s minds is how much life insurance companies do I actually need? To insure yourself completely you should calculate how you need. There are ways for you to do this calculation to make sure that if something happens to you, that your loved ones are taken care of financially and not left in a mess.

You must take into consideration all of your outstanding debts. This should be calculated correctly and not just estimated. It is not simple to figure out how much your family will need if you are not around to take care of them. This can be a hard decision to make. But estimating is not recommended! You should use the correct amounts for all debts to figure this number effectively.

Now you must figure the amount of on-hand cash that you and your family have. How much does your family need a week? You need to add in what the funeral costs will be plus all bills that need to be settled. You need to take into account any personal loans, store credit cards, regular credit cards, and gas credit cards. Then you must factor in your every day bills such as utility costs, newspapers, housekeeping, and any other monthly recurring bills along these lines. Once you come up with this amount, you will know what you need to have made available immediately.

The next thing that needs to be considered is your family’s income. Keep in mind that this includes your income, which upon your death, they will not have. You will need to come up with a number of monthly gross incomes that will be the right amount for your family.

Then you will need to take the amount of your bring home pay after you have subtracted your tax and insurance. You need to make a list of any additional costs that could be caused as an effect of your death. This can include; childcare, yard work and property maintenance. You should figure that these will be added each and every month to the list of expenses after you have passed. You also need to take out any expenses that you would have incurred personally, but will not apply with you gone.

This should be enough to correctly calculate the annual figure. You will then multiply this figure by the number of years that you feel your children will need you to help support them or until your spouse reaches retirement age.


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