Life Insurance Needs Analysis Calculator
Life Insurance: What is your "golden rule"?
If you are near the water fountain at work or after a game collection in the gym may have been told the magic formula to calculate how much insurance life that you need. Let me guess, someone said that 7 times their salary or was double the value of your home? Was $ 500,000 for each child you have? I can not tell me a magic formula for how much life insurance you need. What I can say is that there is a way to properly analyze their individual situation and calculate the correct amount for you to have.
Here are some things to consider when calculating your Life Insurance Needs:
Immediate cash needs: What current debts, expenses and costs of what you paid immediately after his death? Some Examples include: burial, consumer debt and 6 months of expenses.
Income Needs: What percentage of your income what you want to replace and for how long? This is a very subjective. Are reduced to a personal preference in combination with some financial calculations. The calculation final objectives should incorporate the short and long term for the family.
Goal-oriented Requirements: Do you like the house bore fruits, and the college kid of the costs of care? We can predict what the cost of most of the goals and the costs will be in the future. This number is quite simple.
Talk with an independent financial adviser or CERTIFIED FINANCIAL PLANNERTM about linking all three of these needs together. Be prepared to talk about his latest vision of your family or business after you are gone. The clearer to paint that picture, the easier it will identify a plan that is right for you.
About the Author
As a co-founder of Chappell, Mayfield & Associates, Charles assists countless individuals and businesses in achieving financial independence with appropriate insurance and financial products.
Charles launched his financial planning career as an agent at Prudential Financial in 1997, where he was a three-time Million Dollar Round Table member and a nominee to the first Prudential Field Advisory Council.
Charles holds the CFP® designation, as well as the CLU and CLTC designations. He has a B.S. in Management from Georgia Tech.
Just as Charles is committed to his clients’ financial well-being, he also takes an avid interest in benefiting his community. He is Past President and current member of the Board of Directors of Jerusalem House, on the Board of Councilors at The Carter Center, and a member of the Peachtree Road United Methodist Church. At Prudential Financial, he served as chair of the Prudential Connection Atlanta Outreach Program.
Charles has lived in Atlanta since 1992 and has a son Dylan
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