5 Easy Steps To Calculate How Much Your Loved Ones Will Need After You're Gone
Many of you have put our online Life Insurance Quote Comparison Tool to the test and found that you can easily get life insurance quotes and find the best coverage available. When you are considering how much life insurance to buy, there could be a moment when you pause and try to wrap your head around what the appropriate amount should be. My quick and easy method, for years, has been to see the coverage amount as a lump sum that would address your beneficiaries' "needs per month" over a period of time.
Allow me to explain. If I want my family to have a monthly amount to live on for 10 years, I can look at what we spend per month now and work from there. For example, say we currently spend $7,000 per month, so I want them to have $7,000 every month for 10 years after I've passed away. First, I would multiply $7,000 by 12 months to get an annual amount of $84,000. Then, multiplying that annual amount by 10 years would give me the total death benefit of $840,000. When the l...
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