We all understand that you cannot put a price tag on the value of human life. However, if you are a husband or wife, or a father or mother, your departure would leave a financial gap that could impact the financial health of your family. One component of that gap would be the money you would earn between now and the date of your retirement. When you begin looking at how much life insurance you will need, you will want to make sure that your policy adequately replaces any earnings that your family would miss out on, up until your retirement. The present value of those earnings represents the amount you would need today to replace all of your future earnings. Of course, it is best to work with a knowledgeable financial planner to get the most accurate life insurance assessment given your particular situation and needs.

Please Note: Information and interactive calculators are made available only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.