Estimating Insurance Needs
Regardless of whether you're single or married, you'll need to figure out your expenses, and plan for the future. If you have dependents, you must buy enough insurance to replace the income you currently generate for them, and also compensate for any additional expenses they might incur to replace the services you presently provide. Although there isn’t any specific formula to estimate life insurance needs, a quick and basic way to get a rough estimate is to take your annual income and multiply it by 7. For more information on insurance needs visit our online insurance resource.
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