How Much Insurance do I need? Other great questions.

A client just asked me a number of questions about insurance.
Question 1)  How much insurance do I need?
This is a great question. There are a number of ways to address this question. Some people use a ballpark approach , some use a multiple of 10-20 times incomes but  there is a nice one page worksheet that can help you answer this question. Its called The D.I.M.E worksheet If you  want to  answer this critical question this worksheet will help you out. I can  help with that!

D.I.M.E.
D. represents  Death Benefit and Final Expenses
I. represents Income Replacement
M. represents Mortgage Payoff Amount
E. represents Education Expenses
The Sum of D.I.M.E. equals a reasonable estimate of your insurance need

Question 2) Since I have insurance at work why do I need more?
Almost 90% of work based insurance is Term Coverage. Workplace Term coverage has limitations.
If you retire, are disabled, quit or are terminated Worksite term is usually not portable. You leave you lose!! Your need for insurance doesn't stop just because you leave! I can provide Worksite Portable Life Insurance that you  can  keep. Ask me about how that  works! So when you leave your ability to buy a replacement policy depends on you  health and your age at that future date and time. If you  can tell me when that happens or what your health will be then you might be able to  say you  do not need other insurance. If you cannot answer those questions than  worksite insurance is not enough!! The typical 1.5 - 3 times salary is simply not enough! To get more you have to buy it and you should buy it from a professional who understands your real needs. You  can't get that  from a website! You  only  get that  from a professional who works with you  face to face.

Question 3) What is  the  right  type of insurance for me?
Another great  question. There are many types of insurance that fill specific needs. Only by sitting down with a professional who works with you  to  analyze all of your specific, assets, needs, debts, financial commitments is it possible to truly insure that your selected policy or policies truly meet your needs. I will tell you  this. Most people have a complicated set of needs and in most cases one policy my not completely cover all of those needs. that's why insurance companies have created 6 or 7 different types of policies. How many do you need?
If you have a question that you would like to  see answered please send me a question or get in touch  for a one on  one discussion!