Married with children & one income
Tom, 40, is the primary income earner and his wife Julie, also 40, works full time in the home taking care of their kids — ages 3, 8 and 10. Tom and Julie want to make sure their life insurance will cover Tom’s income. The most important thing to them is that Julie can continue to stay at home with the children. They want coverage that pays off their mortgage and any outstanding debt, and also provides for their children's education.
- Income: $180,000
- Future Education: $300,000
- Savings: $30,000
- Debt: $350,000
- Monthly Expenses: $5,500
This couple should consider: $1,900,000 to replace income, pay off mortgage and debt and fund college expenses