Life Insurance Awareness Month
September is Life Insurance Awareness Month

How Much Life Insurance Do You Need?

CONSULT AN AGENT NEAR YOU

Please complete and send the form below and we'll have a New York Life agent in your area contact you at your convenience.

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The question isn't really how much life insurance you need, it's how much money your family will need after you're gone. Ask yourself:

  • How much money will my family need after my death to meet immediate expenses, such as funeral expenses and debts?
  • How much money will my family need to maintain their standard of living over the long run?

Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes, and other lump-sum obligations such as outstanding debts and mortgage balances. They can also help your family cover future financial obligations such as everyday living expenses, money for college or your spouse's retirement, and so much more.

But how do you know if you need $100,000, $500,000, $1 million or more? The most common way to determine your life insurance needs is by conducting what's called a Capital Needs Analysis.

Here's how it works. Start by evaluating your family's needs. Gather all of your personal financial information and estimate what each of your family members would need to meet current and future financial obligations. Then tally up all of the resources that your surviving family members could draw upon to support themselves. The difference between their needs and the resources in place to meet those needs is your need for additional life insurance (see below).

 

Current and future financial obligations

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Existing resources including survivors' earnings, savings, and investments and life insurance that you already own

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Life insurance needed

This may look simple enough, but calculating one's life insurance needs can actually get pretty complicated. To make it easy for you to get a general sense of your needs, check out our life insurance needs calculator. It'll walk you through the process and provide you with an estimate of your insurance needs in a matter of minutes.

 

 

Consult an agent

Click here to schedule a free appointment with New York Life agent.

 

Life Insurance Quiz

Test your life insurance knowledge.

Answer the questions below!
1. What percentage of American adults have life insurance protection?
43%
56%
61%
74%
  

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    How Much Life Insurance Do You Need?

    CONSULT AN AGENT NEAR YOU

    Please complete and send the form below and we'll have a New York Life agent in your area contact you at your convenience.

    • *
    • *
    • *
    • *
    • *
      *
    • Phone*
      - -
    • Home or work?
      Home Work
    • Best time to call
    • Birth Date
      - -
      Why?
    • (please click only once)

    • * = required

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