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.
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.
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.
Home loans and equity loans.
College – 10K per year per child.