Everyone has different life circumstances, wants and desires but there are objective methods of deciding what amount of life insurance death benefit is best for you. Below you will find links to two life insurance "calculators" but first...
Remember that the goal of life insurance is to provide enough money to pay your immediate obligations and replace your "human life value" - some portion your earning potential that would be cut short by a premature death. If you live, you hope to set aside enough money in assets, pensions and savings to retire. Then the earnings from your accumuated assets will replace your earning power so you can quit working.
So then, if you were to die today, how much money in total assets can be created by life insurance to pay your immediate obligations with a balance sufficient to provide the income needed so your family can continue to live the life you planned? You need to know...
- How much will be needed at death to meet immediate obligations?
- How much future income is needed to sustain the household?
To assist you in answering these questions, L.I.F.E., a non-profit organization dedicated to providing you information concerning life insurance, has provided two types of life insurance "calculators". Click on a calculator and answer a few simple questions to get a rough sense of what your personal need for captial at death through life insurance might be.
Life Insurance Needs Calculator
Human Life Value Calculator
For answers to other basic life insurance questions click
LIFE INSURANCE - What are the basics?
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