Questions to help you gauge how much your family would need in the event of your becoming Critically, Chronically, or Terminally ill, or Dying.
D. (Debts): This is referring to any debts that you might have outside the mortgage (car loan, credit cards, student loans, etc.) If we were going to write you a check to pay off all debts (excluding your mortgage) how much would that check be for?
I. (Income Replacement): After paying off your debt, if we could bring your family a check every month to cover normal living expenses—how much would that monthly check need to be? And, for how many years?
______________Monthly Amount x12 x _____________Years=
M. (Mortgage Protection): What is your current balance that you owe the bank for your mortgage?
E. (Education): What do you feel would be an adequate amount to set aside for you children’s education ($50,000, $100,000)? What is the approximate amount that you have established in college savings?
E. (Expenses—Final): On average, we allocate around $10,000-$15,000 to cover final expenses. Does that see reasonable?
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