Question 1

How much life insurance do I need?

Accepted Answer

Life insurance needs depend on income replacement, debt payoff, education funding, final expenses, and legacy goals. A common rule of thumb is 10-15x annual income, but our calculator provides a personalized analysis based on your specific financial situation and goals.

Question 2

What is disability insurance and do I need it?

Accepted Answer

Disability insurance replaces a portion of your income if you become unable to work due to illness or injury. It's especially important for high earners and those without substantial savings. Most people should have coverage equal to 60-70% of their income.

Question 3

When should I consider long-term care insurance?

Accepted Answer

Long-term care insurance helps cover costs of assisted living, nursing home care, or in-home care. Consider it in your 50s or 60s when premiums are more affordable. It's especially important if you don't have significant assets to self-insure.

Question 4

What is the difference between term and whole life insurance?

Accepted Answer

Term life insurance provides coverage for a specific period (10, 20, 30 years) at lower premiums. Whole life insurance provides permanent coverage with a cash value component but higher premiums. Term is typically better for most people's needs.

Question 5

How do I know if I have an insurance coverage gap?

Accepted Answer

A coverage gap exists when your current insurance is insufficient to meet your financial obligations and goals. Our calculator analyzes your income replacement needs, debt, education funding, and other goals to identify any gaps in your coverage.

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