2. Pen and paper life insurance calculation
If you’re the type of person who prefers to calculate your needs on a paper or notepad, simply use our worksheet below.
How much life insurance for a Stay At Home parent?
For Stay At Home parents or partners who do not work outside of the home, you should calculate the following:
Add up the monthly financial contribution that the Stay At Home parent or partner has toward the surviving family.
Here is an example,
When a Stay At Home parent passes away when you have young children, you’ll possibly be needing to hire a nanny or care provider.
This situation is very common to ensure that your children are cared for when you return to work.
A full time nanny could cost between $20,000 and $40,000 annually.
If the hiring of a nanny would be in your plans, you can add this cost to line 5 of the worksheet above.
Do I Have Enough Life Insurance?
By using the worksheet above and calculating all of your life insurance needs, you can rest easy.
You’ll have a great idea of what amount will be needed to provide adequate care for your loved ones if you were to die unexpectedly.
This process of calculating your life insurance needs also helps prepare communication with your life insurance agent.
You will be prepared and have a great understanding of the appropriate amount of coverage needed before applying.
Shopping for Life Insurance
Once you’ve calculated your life insurance needs, it’s time to see which companies will provide you the best rates.
At Life Insurance Blog, we work with dozens of “A” rated life insurance companies.
We’ll shop your case from all of the best life insurance companies to see who will give you the best rate based on your health and lifestyle.
Whether you prefer a No Medical Exam life insurance policy or one with a medical exam, we have you covered.
Need more options? We’ll help you find the best rates from all the life insurance types including:
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