Personal debts include credit cards, car payments, lines of credit, and any other personal debts.
Your family depends on your income to help cover living expenses. How much income would they need without you, and how long would they need it?
Most likely, you'd want your family to be able to keep the life you've made for them if something were to happen. What would it take for your family to pay off your mortgage if you were gone?
Do your children attend public or private school? What are those costs per year?
Also, think about college. Do you expect your children to pay for part of it themselves or take out loans? Or do you want to leave them enough to cover it all?
This may look simple, but calculating one's individual situation can be fairly complicated. Another way for you get a general sense of your needs is, check out our life insurance needs calculator. It'll walk you through the process and provide you with an estimate of your insurance needs in a matter of minutes.
But remember, our calculator is no substitute for the personal guidance and assistance you'll receive by meeting with a local Farmers insurance agent. So if you're serious about protecting your family's future, locate a local Farmers agent in your community today!
Life insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave SE, Mercer Island, WA 98040. Products and features may not be available in all states and may vary by state.