Your annual income is $104,000. You have a spouse, two kids, a dog and a mortgage...

Your annual income is $104,000. You have a spouse, two kids, a dog and a mortgage – a typical family. Using the easy method to determine your need for life insurance, your insurance should be in the amount of:

Expert Solution

In"easy method to determine the need of life insurance" says that the typical family will need to carry around 70% of earner's salary for 7 years which is around five times of earner' salary.

Insurance amount = annual income * 70% * 7 years

= $104000 * 70% * 7

= $509600

jeff jeffy answered 2 years ago

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