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How Much Life Insurance Do I Need?

The American Life Insurance Council recommends coverage totaling at least five times your annual salary. It's also important to take into consideration your current expenses - such as your mortgage, loans, taxes, child care and education - as well as future costs, including medical and funeral expenses and estate taxes. A People's Insurance Specialist or Financial Advisor can help you determine the amount of coverage that is right for you. Call us today at 1-800-772-1090.

Add together the following seven expenses:

1.Mortgage, housing, rental expense (annual expenses x number of years OR mortgage balance)
2.Outstanding loans or bills
3.Childcare expenses (annual expenses x number of years)
4.Lost income needed for daily living expenses (annual expenses x number of years)
5.Final illness and burial expenses (approx. $10,000 - $20,000)
6.College expenses (cost of education plus related expenses)
7.Insurance proceeds you want to transfer directly to your beneficiaries
    Subtract face amount of current life insurance policies and other assets saved for the above expenses
Additional Life Insurance Needed

Investment & Insurance Products:
•Not Insured by FDIC or any Federal Government Agency
•Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate•May Lose Value

People's Financial Advisors is a division of People's Securities, Inc. Investments & Insurance are available through People's Securities, Inc. (member FINRA and SIPC), a subsidiary of People's United Bank.

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