How to calculate how much life insurance we need ?

Hi, my husband and I are in our mid 50's, he is our only income and a partner in a law firm that is expecting to work for the next 11 yrs befor retiring, I am a stay at home mom with 3 teenage children, my worry is we don't have enough insurance if he passes away. Could you tell me how to figure out how much insurance coverage we might need!

Life Insurance Needs

Hi there,

There are several factors to consider:

Funeral
+ Debts
+ lost monthly income times months required replacement
+ childrens education (required funds)
- cash available to cover shortfall
- life insurance in force

This is overly simplified list. The site advertised here has a needs analysis tool you could use:

All the best

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