Easy To Remember Life Insurance Calculator

Easy To Remember Life Insurance Calculator

We’ve all considered life insurance at least once. Whether it be a policy organized by your employer, you’ve overheard conversations between family members, you work in a risky job, or perhaps you’ve seen television investigations where the suspect is the life insurance beneficiary. Whatever the reasoning for the topic, the most common question we hear is “how much life insurance would we really need?”

Discussing potential death of our loved ones feels unnatural and morbid. This, too, is normal. But trust us, a financial burden on TOP of emotional grieving will unravel even the strongest human. Pushing through these tough conversations to plan for tragedy sets us up to succeed if the unmentionable does happen.  We are here to help.

Tucker has contrived an easy-to-remember formula to calculate a ballpark estimated amount of life insurance you should secure for yourself or your spouse.

LIFE.

L – Liabilities
Liabilities are your debt. Vehicle loan, medical bills, mortgage, credit card debt. Unfortunately, these debts don’t disappear if the recipient has passed. The outstanding debts are inherited by the family members and must continue to be paid.

I – Income replacement
How much income does your spouse provide? Do you provide? How many years do you hope to replace the income to maintain your family lifestyle? Consider bills, activities, home repairs, vehicle maintenance, child care, children’s sports, pet expenses, groceries, clothing.

F – Funeral costs
Today’s average funeral costs upwards of $11,000. Could you afford that if something happened tomorrow?

E – Education expenses
College funds, private schools, continuing education opportunities – do you want these costs to be covered should something happen?

 

L+I+F+E
Easy, right?

Life. Life happens, albeit good or bad. Why not protect yourself and your family? Give us a call to discuss a life insurance policy for you today. (218) 491-7855.

 

Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your agent for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services.

This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.

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