Most people have good protection on their houses and cars, but few have enough coverage for their loves ones.
With $730,000 of insurance protection; If this person dies too soon, the surviving spouse will have enough money to pay off the $50,000 debt, continue to have $3,000 income per month for 10 years or more, pay off the remaining $200,000 of their mortgage, keep the house, and still have $120,000 saved up for 2 kids when they are ready for college.
The DIME method will allow to you calculate exactly how much insurance you need. People say, ” I already have life insurance!” They may, but the real question is do they have enough? How would you feel if your $300,000 home burned to the ground and when you file a claim, your insurer tells you have $50,000 worth of coverage? That normally won’t happen as the bank will make sure you have $300,000 of protection.