Page 32 - Book12E
P. 32
24
resources in place to meet those needs is your need for additional life insurance.
Or, another approach is to use this handy tool for estimating your need for life insurance. Remember that this tool is only intended to be a guide. It doesn’t consider every factor that might affect your life insur- ance needs. For a more accurate and detailed analysis, please consult a financial advisor.
$___________ 1. Your family’s anticipated monthly expenses
$___________ 2. Estimate your family’s monthly after-tax income (from any sources below)
$___________ 2a. Spouse’s current income $___________ 2b. Your family’s Social Security benefit $___________ 2c. Other income (such as from
interest-bearing assets or retirement plan benefits)
$___________ 3. Subtract (2) from (1) and enter it here (3) to estimate your family’s unmet monthly income need
$___________ 4. Multiply (3) by 12 and enter it here (4) to estimate your family’s unmet yearly income
need
$___________ 5. Estimate the number of years your family would have this unmet need (for example, if your death
occurred tomorrow, approximately how many years would the need exist? Approximately how many years until your children would be self-supporting?)
Life Insurance Advantages and Disadvantages
