Could you make it on standard disability benefits?
How much would you receive if you became disabled? Heres a worksheet
that will help you determine if you have enough insurance to cover your
loan payments if you became disabled and were unable to work.
Its also important to have life insurance to financially protect
your home and family if you couldnt be there for them. Enter the
amount that would allow your family to:
Payoff your debts
Pay funeral and estate costs
Replace your income
Provide for future needs of your survivors
Compare the total to the amount of life insurance coverage you currently
have. If theres a gap, you may wish to consider adding additional
insurance, such as Payment Protection coverage.
It costs between $139,000 to $279,500
to raise a child to age 18, according to a year 2005 study by the U.S.
Department of Agriculture. And, the college years will cost another $57,000 to $126,000.