The life insurance industry seems to complicate this coverage
It is recommended you have 70% of what was coming in before a breadwinner's death, assuming the mortgage, other debts, and a college fund are taken care of. For each person whose income is used to pay household expenses, what is the income? If so, what is the total? Are there other debts to pay off? How much is your mortgage?. Most people plan on between 8 and 15 thousand dollars.Now, answer the following questions for each person: How much will it cost to be buried and pay final expenses such as medical bills? If you want to be a little more specific, get out a sheet of paper and draw a line down the middle. I have read that you need 5 to 7 times your annual income. It is your choice to buy life insurance if you feel you have an obligation that might last longer than your life. Unlike auto and home insurance, life insurance is rarely required by the government or a bank. It is a shame, too, because it can be simple. If yes, how much total for all?
Do you want to provide funds for a college education for your children? 4~#5); Now multiply the answer in #6 by the number of years you want to have income of the deceased person replaced. For each person who has income higher than the answer to #5, what is the difference? (# Total the number in #4 and multiply by 70%. $;