Monday, September 13, 2010

Don’t Be Afraid to Calculate How Much Life Insurance You Need—It’s Easier Than You Think

I read an excellent article, “How Much Life Insurance Do You Need?” written by Kimberly Lankford in Kiplinger’s Personal Finance magazine. It stated that standard formulas for figuring out how much life insurance you need, such as buying coverage equal to eight to 10 times your annual income, are inadequate shortcuts.

It further states that instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring out your life-insurance needs. Life experiences such as marriage, parenthood, homeownership, college expenses, changing jobs with different employee benefits and the reality of lower investment returns on devastated investment funds require you to evaluate these factors in determining the appropriate insurance types and amounts.

The article then went on to discuss the various financial areas to review in this decision: income replacement, final expenses, education expenses, mortgages and other debts. But you don’t need to do this the hard way. Just use my online Life Insurance Needs Calculator for unbiased, third-party results, and then together we can work to determine the type of life insurance that may be best for you.

I want the decision-making process to be as simple as possible for you—and the results may just surprise you. Contact me now.

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