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Life insurance
should be the foundation of your financial plan. In the event of your death, life
insurance can pay your mortgage, send your kids to college, and repay debts. It
can also protect your assets from outstanding bills or taxes.
To
fully protect your family, you must first decide how much insurance you need.
Then you must choose the right policy. Experienced professionals at LaRue Insurance
will help you with these decisions. Then we'll continue to work with you, year
after year, to make sure your coverage continues to meet your family's changing
needs.
The
worksheet below will get you started. For more complete information contact us
today.
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How Much Life
Insurance Do I Need?
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This worksheet offers a rough
idea of your life insurance needs.
For a more accurate and detailed analysis, contact LaRue Insurance. 
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- How much will be needed
to meet final expenses (including medical and hospital costs, funeral expenses,
attorney and executor fees and probate costs)?
- How much will your family
need to meet unexpected expenses (such as major home repairs, auto repairs,
medical emergencies)?
- How much will be needed
to educate your children (include college tuition, room and board, books and
other fees)?
- How much debt will your
survivors need to repay (such as mortgages, home equity loans, auto loans and
credit cards)?
- How much will your family
require for annual living expenses (including food, clothing, home maintenance
and incidentals)? Multiply this amount by the number of years income should
be provided.
Add the
totals of 1 through 5 then subtract the amount of life insurance you already hold,
cash, savings and any other liquid assets you might have. The result is the amount
of additional life insurance you need.
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