Skip to content

Ieuter Insurance Group Blog

All You Ever Wanted to Know About Insurance

How much life insurance do you need?

What would your family do if you died tomorrow? That is a tough question that you need to spend some time thinking about.  Will your family  be able to maintain their same lifestyle?  Do you have a lot of debt?  Young kids?  A business partner?  A special needs child or parent you are caring for?  A non-income producing spouse? 


Everyone’s situation is different, but we’ve found a simple formula that works pretty well: 

                Loans—What  would it take to pay off all your debt?  Are you planning on upgrading  your home in the future or buying a second home?   

                Income—Is your spouse working?  If all your debt is paid off, can your spouse maintain the same lifestyle?  Most families need between 5 and 15 times their income of life insurance.      

                Final expenses—Funerals can be pretty expensive. 

                Education—Do you plan on financially helping kids with college?  (Newborns are projected to be near $300,000 for a college education!)  Do you have a plan to fund their education?  If you pass away, will your spouse have to go back to school? 


There is definitely a lot to think about! Reach out to your friends at Ieuter Insurance Group for help with selecting a life insurance policy that fits your needs.