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The younger your dependents, the more insurance you need.
You don’t need life insurance if you don’t have dependents. But if you do, your survivors typically need about 70% of your family’s take home pay should a breadwinner die.
A QUICK ESTIMATE figures the insurance needed to cover that amount from now until retirement.
A DIFFERENT PLAN uses insurance to pay off debts and meet your savings objectives. This could leave your family debt-free, with the money it needs for college, a reserve, and other objectives & needing less income to cover its remaining expenses.
This usually requires less insurance than the QUICK ESTIMATE.
It could require more if you’re not saving enough to meet your objectives – but your objectives would be met.
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Under the Covers
How We Make Projections & Our Disclaimer
Investment of Insurance Proceeds: We assume insurance proceeds used to provide an income for your family are invested in safe assets, with an interest rate equal to the rate of inflation, as your family will be less able to bear risk.
DISCLAIMER: The information provided on the SquaredAway website is for educational purposes only. It is not intended to provide personal financial advice.