How Much Life Insurance Do I Need To Take Care of My Family?

Ask yourself the following questions as we help you figure out how much life insurance you will need to take care of your family if you are not around. Whether you are part of a two-income family or a sole income earner, your family members depend on your income to maintain their standard of living. Do I need a Life Insurance Policy if I am divorced or a single parent? Can Life Insurance cover my children’s college education? Will Life Insurance pay my mortgage and credit card debts after my death?

So, the real question is how much life insurance do you need?

Simply put, you need enough to protect your families’ loss of income if you die. When calculating the amount of life insurance that you need, you should consider the immediate needs of your family upon your death, as well as their long term income needs.

Some immediate financial needs might include:

funeral expenses
final medical expenses
re-payment of short-term loans (credit cards, auto loans, etc..)
paying off the mortgage would definitely help your family financially long term.

Additional long-term financial needs include replacing lost income to support your family until your children are grown, or need to pay for their college tuition.

If you are a single parent, you may be the sole provider for your children, so you have to protect their future. Money cannot replace a mother or a father. Even if you have someone to care for your children, if you are not there, they will likely need the financial security that a life insurance payout will provide. So, how much life insurance coverage do you need to provide your family a secure future? Our life insurance needs formula will make your calculations quite easier. Just put in your information and get your estimated amount in no time. We will not be needing any personal information from you, you have the access, you do the math and if there is something that is bothering you, we are here to help.

At LifeQuote, we make sure you get instant life insurance quotes from only the best life insurance companies. You will find our quotes affordable and we strive to give you only the best. Speak to one of our representatives today and get your insurance needs fulfilled.