• Post last modified:October 5, 2020
  • Post category:Insurance

So we’ve been discussing quite extensively the major points of life insurance.  Whether it be whole life insurance, term life insurance or both, going without this very important life insurance CT is a mistake that will leave your loved ones without any financial support when you’re gone.


When you do, hopefully, decide to invest in a life insurance policy, a big question that you need to ask yourself is… “how much does my family need in order to live a comfortable lifestyle if I’m gone?” At first this may seem like a pretty difficult question to answer, however fortunately it is the exact opposite of difficult.  Below you’ll find the easy and effective way of calculating life insurance:

Question 1: How much will it be for your final expenses?

– Simply add up any medical costs, funeral costs and final estate settlement expenses your family may incur. 

Question 2: How much income will my family need after my passing?

– There’s a number of factors that go into this equation, but they’re pretty straight forward.  First look at the total annual income your family would need if you passed away tomorrow.  Then figure how long your family would need to receive this income on an annual basis.  Factor in any investments, retirement funds, or life insurance in force, as well as any income your spouse will earn over a specific period of time.

Once that’s complete, you should have your family’s need estimate all set! Since we used some terms that you may not have heard of before such as ‘life insurance in force,” don’t worry.  There will be a blog tomorrow on all of the terms you would ever need to know!