#3. Look at the full picture. This isn’t just about life insurance—that’s just one piece of the formula. You need to look at all your assets such as money in retirement plans, your benefits packages, investments you might have, what money your family would be getting from Social Security, the life insurance you already have in place, etc.
In addition, people often have multiple families to care for with economic requirements that may be laid out in a divorce decree. Or they may have special needs children who will never be able to work. In that situation, a trust should be set up—funded with assets or death benefits—to create an income stream for as long as they live. Plus, many of us will have either adult children or our aging parents living with us now or in the future who we may be responsible for financially.
Once you have these numbers, you can figure out what the shortfall is—which can be funded with life insurance or more life insurance that you currently have. This doesn’t have to be a particularly difficult task to start.
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