From Rick Kahler

Life insurance is an important financial planning resource. However, it is not meant as a source of income. Its primary purpose is to provide the means to replace income or to pay taxes or debts.

Not everyone needs life insurance. Once you determine that you do, the next big question is how much is appropriate.

Here is one way to help answer that question. It is not a formula, but a very rough checklist to help you estimate your individual insurance needs. For couples, I suggest separate lists. Not all of the information will be the same for each spouse.

First, list the following: Continue reading →