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A Life Insurance Calculator: How to Determine Your Insurance Needs

Once you've decided to purchase life insurance, the next step is to figure out exactly out how much you need. Too much life insurance is just a waste of money, and too little leaves your family and loved ones dangerously unprotected. Fortunately, Spectrum Direct provides a handy life insurance calculator to assist you in determining your insurance needs.

Using Spectrum Direct's life insurance coverage analyzer is simple. Begin by typing pertinent information regarding your income and assets into the life insurance calculator. You will need to type in your yearly income, the amount of years you think your spouse would need your income, and any current investment amounts. You will also need to provide existing liquid asset totals.

Next, you will need to evaluate your debts and expenses. Type the amounts of any debts you are carrying, such as mortgage, credit cards, auto loans, and home equity loans into the life insurance calculator. Also include an estimation of funeral expenses, medical bills, and taxes. It is important to be as accurate as possible in listing your debts as well as in listing your income and assets.

Finally, evaluate the cost of raising your offspring until they reach adulthood, as well as the money required to put them through college. Since college tuition tends to increase with each passing year, keep this in mind when calculating these numbers. After you have provided all of the information required to the best of your abilities, the amount of life insurance recommended will be listed at the bottom of the life insurance calculator. You do not even need to click submit. It is all calculated for you as you go along. Once you've determined the amount of life insurance you need, you are ready for the next step in obtaining affordable life insurance: getting a life insurance quote. Simply fill in a short form to receive a free instant quote online. Need more help or advice when making the decision to buy life insurance? Email or call Spectrum Direct to speak with an experienced, insurance professional. Secure affordable life insurance today!

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