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How Much Life Insurance Do I Need?

July 20, 2020

While you won’t be able to pinpoint the amount you’ll need to the penny, you can make a sound estimate. Your goal should be to develop a life insurance plan that, following your death, will allow your family to live comfortably without your economic contribution. Also consider the effect of inflation over time. The amount needed for retirement or college 20 years from now is likely to be significantly higher than today.

To estimate the amount of life insurance your family would need, first calculate everything you now provide for your family including:

Salary
Benefits/health insurance
401(k) and retirement savings
Personal services you perform for your family, such as child care, cooking, home maintenance, etc.

Then, subtract your personal expenses including:

• Annual spending on personal needs, such as food, clothing, entertainment, etc.

If you are interested in applying for life insurance, we at Cosmo can help you assess how much life insurance you actually need. We will help you find a plan that is in your budget while getting you the covered you need. Call us at 732-363-3888.

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance.

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