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How much life insurance you should have is a very personal decision. The following worksheet is not perfect, but a "perfect" formula does not exist. If you follow the simple steps on the worksheet, you can closely estimate an amount of insurance that will provide the financial security that you consider important. You may be uncertain about some entries (i.e., education fund), but an estimate is better than nothing. In addition, your goals may change and you may end up reworking this several times; that's good! When you understand the process, you will then recognize when your insurance should be changed (increased or decreased) in the future. If you keep this worksheet with your important papers, it will remind you why you set up the insurance that you did. It also provides an initial financial plan for your family in the event of your death. This worksheet makes an otherwise confusing process almost simple!
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© McIlrath Insurance Agency |
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