Last Updated on May 3, 2021
For example, you are married with a 5-year-old child. You have your own house with a complete $150,000 mortgage. Now you have to calculate your insurance amount based on your financial situations, and there are only 3 obvious financial needs:
– Pay off your mortgage: $150,000.
– Family financial support: if you decided that your family would need $25,000/year (until your child is 18), then you will need $325,000.
