Calculating Your Life Insurance Needs

Last week, I discussed in general terms how to determine your need for life insurance. Now it's time to put a dollar figure to your needs.

Calculating the amount of income your life insurance policy needs to produce for a surviving spouse or family member can get tricky.

When calculating your beneficiary's income needs, be realistic and start with a no-frills budget. Or if you want frills, just remember they will raise the premium. ...