Coverage Guide

Tom, 40, is the primary income earner and his wife Julie, also 40, works full time in the home taking care of their kids — ages 3 and 6. Tom and Julie want to make sure their life insurance will cover Tom’s income. The most important thing to them is that Julie can continue to stay at home with the children. They want coverage that pays off their mortgage and any outstanding debt and also provides for their children's education.
Income: $180,000
Future Education: $300,000
Savings: $30,000
Debt: $350,000
Monthly Expenses: $5,500
This couple should consider $1,900,000 to replace income, pay off mortgage and debt and fund college expenses.

Philippa, 38, is the sole income earner. She wants to make sure her life insurance gives her daughter financial security.
Income: $80,000
Future Education: $100,000
Savings: $17,000
Debt: $150,000
Monthly Expenses: $3,500
This single parent should consider $800,000 to replace income, pay off debt and fund college expenses.

Dave, 56, and Rachel, 52, are planning for retirement. They are looking for a life insurance program that can provide them with income protection as well as supplement their retirement savings. Since they both work, they know they each need coverage to meet their retirement goals should something happen to either one of them.
Income: $210,000
Future Education: N/A
Savings: $225,000
Debt: $0
Monthly Expenses: $3,500
This couple should consider $735,000 each to replace income and supplement retirement savings.