Coverage Guide

Yourlife

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Coverage needs

Review these examples and then use our online calculator to get your coverage recommendation.

What to consider when determining your coverage:

Mortgage payments
Estate expenses
Daily living expenses
Medical bills
Outstanding debt
Child care expenses

Married with children and one income

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.

Single parent with one child

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 debtand fund college expenses.

Empty nesters

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.

How much life insurance do you need?

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To speak with a GVUL Benefits Specialist, call 800-756-0124,
Monday - Friday, 8:00 am - 8 pm ET

The examples shown are hypothetical and are used for informational purposes only. Coverage amount reflects seven years of household income replacement plus outstanding debt and future education expenses (without inclusion of expenses and without reduction for savings). Your particular needs may vary. You may utilize the Life Insurance Calculator tool to assist you in determining the amount that is best for you and your specific needs. However, in any situation, these examples and the calculator should not be regarded as advice and you may want to consult with your tax advisor or financial planner/advisor in determining the coverage amount that is right for you.