Life Insurance Worksheet  
By Jean Chatzky
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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Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc. and its affiliated companies and entities is not responsible for any losses, damages or claims that may result from your financial or legal decisions.