The D.I.M.E. Formula
Make sure you have enough coverage. Use the “D.I.M.E.” formula to estimate the amount of protection needed for you and your family.
D
Debt / Death
Outstanding debts such as credit cards and loans. Calculate your insurance needs to cover estate taxes, fees and expenses at the time of your passing.
I
Income
Your insurance need is estimated to be five to ten times that of your gross annual income depending on whether you are a single or dual income family.
M
Mortgage
Home loans and equity loans.
E
Education
College – 10K per year per child.