Consider your earning potential. You’d be amazed at how much you make over the course of a lifetime. Go ahead and do the math. Of course, the figures will be different for everybody, but it’s fairly simple to calculate. How much money do you make? How many years will you be working?

When you multiply the two together, you get an idea of how much lost earnings your family will suffer if you were to pass away. Of course, this doesn’t even take into account retirement or social security, but that’s OK. Usually this number alone exceeds most people’s term life insurance coverage.

Now, consider what you’re worth to your family emotionally. If you were to die today, would your spouse want to return to work tomorrow? If so, you probably need a marriage counselor, which is unfortunately much more expensive than term life insurance. How much time would you want to give each other “off” if something were to happen to you? Unfortunately, bills will still need to be paid. Insurance benefits can go a long way towards covering these, if you have enough.

Do you want your kids to go to college? Most of us take out loans to cover our kids’ education, but the sad fact is that even the most generous banks (I know, oxymoron, right?) don’t loan money to dead people. This leaves the entire burden on your spouse or your kids. No one wants that. Factor in what your kids’ education is going to cost. Make sure you have enough coverage to pay for it.

Even if you’re a home maker, you have economic value to your family. Who would stay with the kids if you were gone? Child care costs money, and that should be considered when looking at how much insurance you need.

These are just the simple things that every family needs to concern itself with. The truth is that every family’s situation is unique, and you should discuss your individual needs with a qualified and trusted agent who can help you determine how much coverage is appropriate for you.

Photo via reynolds.james.e

A great deal of people may tend to think they do not need life insurance. They’re young, their children are young and they’re all in good health. They might even feel the odds are in their favor and the likelihood of a fatal accident is slim.

The stories below are from people who never thought they needed insurance on a family member or about a loved one who may not have thought life insurance was a big deal. People die unexpectedly in accidents every day all day long. The healthiest people in the world get sick; Lance Armstrong did. Fortunately for him his life insurance policy, if he has one, was not executed.

1. Stories from People of Why They Need Life Insurance: Several stories from different people that talk about their life and their need for life insurance
2. Waited Too Long to Buy Life Insurance:  Man diagnosed with liver cancer with no life insurance and now too late to get any. He will leave a family behind.
3. Funeral Costs and No Life Insurance: What would happen if a person dies and they have no life insurance?
4. Hess Cancer Foundation: True story of someone who died of cancer with no life insurance.
5. My Dad’s Funeral is Saturday: A father passes away and had no life insurance for his family.
6. 9/11 Death and No Life Insurance: A husband dies of cancer and leaves behind a pregnant wife and had no life insurance
7. Too Young for Life Insurance?: A 35-year-old husband is murdered and he and his wife thought they were too young to worry about life insurance.
8. Life Insurance to Help Pay Funeral Costs: A child dies and family cannot pay for the funeral.
9. Lost Father to Cancer: Father with no life insurance dies of cancer and family in financial turmoil due to mother never working before.
10. Why You Need Life Insurance: Single mom discusses what would happen to her children if she died and they had no life insurance.
11. Losing Her House Because They Didn’t Have Life Insurance: A woman lost her husband with no life insurance.  She has no one to help her and she is going to lose her house.
12. Why You Shouldn’t Cancel Your Life Insurance Policy: Young single mother passes away and leaves behind two young children and had no life insurance.
13. Husband Dies in Accident: A husband dies and family has to seek help for funeral costs because they had no life insurance.
14. Is Life Insurance Worth the Cost?: What would happen if you didn’t have life insurance?
15. Single Mom Deals with Death and No Life Insurance: A single mother loses parents and brother with no life insurance to help with costs.
16. Father Dies with No Life Insurance: A father dies and leaves behind debt and had no life insurance to help family.
17. Evan Carmichael: A success story about life insurance.
18. What Happens to Family Members: Discussion about what happens to family members left behind with no life insurance.
19. Why You Should Have Life Insurance: A story of why a family should never be without life insurance.
20. Suddenly a Single Parent: The financial troubles when a loved one dies.
21. Community Support after Death With No Life Insurance: A father passes away leaving behind a lot of medical bills. The family looks to community for help.
22. Husband Dies with No Life Insurance and Has to Foreclose on House: Husband died with no life insurance and bank tries to foreclose on the house.
23. WISHtv: A child dies and the family is worried how they’ll pay for the funeral.
24. Father Passed and Daughter Out of Options: A daughter is dealing with the death of her father who had no life insurance and she is running out of options on how to pay for everything.
25. Family Struggles after Death of Husband With No Life Insurance:  Their father left behind a new home with a mortgage and he had no life insurance.  She has three children.
26. The Suicide Exclusion: Some life insurance companies have a two-year exclusion for coverage after suicide.
27. How are They Supposed to Pay for the Funeral: Family cannot pay for the deceased family member’s funeral because she had no life insurance. Family has to get a loan to pay for funeral.
28. Sister Dies With No Life Insurance and Leaves Minor Child Behind: Sister passes away with no life insurance.  She had a 16-year-old child who was lucky enough to have family to help.
29. Five Cent Nickel: How much life insurance does a person need before it’s enough?
30. Father Dies and His Family is Struggling With His Debt: Mother’s children are watching her struggle with debt because her husband died and had no life insurance.
31. 102-year-old Grandmother Has No Life Insurance: Family is worried on how they will pay for her nursing home and funeral expenses when she dies.
32. 7 Ways Permanent Isn’t Always Permanent: Information to consider about permanent life insurance.
33. Dying Broke and In Debt: Stepdad died with no life insurance leaving his wife with bills. Mother passed away also with no life insurance and took children months to pay for the funeral expenses.
34. Employer Life Insurance Coverage: It’s important to understand the coverage your employer offers.
35. Death of Unemployed Mother with No Life Insurance: A death of an unemployed mother in New York and a family has to rely on society to pay funeral expenses.
36. Widow Left Behind and No Life Insurance: A young widow’s husband dies and she is having financial problems because they did not have life insurance.
37. Mother Passed Away Leaving Only Debt Behind: Children having problems with mother’s debt because she passed away with no life insurance.
38. Life Insurance on a Baby: Is it a good idea? Do you really need life insurance on a baby?
39. Singles and Insurance: Should a single man or woman have life insurance?
40. Never Say Never: It could happen to you.
41. Hit-and-Run: Tragic incidents are never expected but they happen.
42. Mother Dying of Cancer and Daughter Has No Money: Her mother is dying of cancer that has no life insurance and daughter has no money to pay for her funeral.
43. Daughter Planning How to Pay Funeral Expenses:  Mother is dying and she has no life insurance.  Daughter is trying to find a way to pay all of the expenses.
44. The Exiled: Some Americans are so poor they can’t afford to die.
45. Obit: Paying for your parent’s funeral. Who’s responsible for that?
46. Divorce Support: Is there a way to continue to receive alimony payments after your ex-spouse dies?

Click to see the graphic!

The cost of dying is continually getting higher and higher especially as a relative percentage of our incomes.

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