Life Insurance Worksheet  

How much life insurance do you really need? Essentially, you need enough to provide for your dependents for as long as they’ll remain in the family nest, plus the cost of any large expenses you want to cover—such as paying off the mortgage or paying for college. A lot of insurance agents (remember, these are people who sell insurance for a living and make big commissions on your premiums) use rules of thumb like eight times your income or 10 times your income. I think rules of thumb work for very few people. I prefer simple worksheets instead, like this one:

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PUBLISHED: 08/12/2008