Computing for Amount of Insurance to Get

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A friend of mine once asked me how one computes for the amount of insurance to get. Off the top of my head, I just replied, "Suppose you die tomorrow. How much do you think will your family need from the time of your death to until your youngest child's eviction age?" By eviction age, I meant the year when your child is able to support herself/himself. I can't recall exactly where I got this idea, but that's what came to mind. Then I also added to factor in yearly inflation rate.

Anyway, as I am trying (haha, as I'm still learning..) to be an advocate of becoming financially prepared, I thought sharing this blog post that i've read can give those who are interested in getting insurance a clearer idea.
The post was written by Elvin Peria of journeytomillions.com.
This is what he wrote on the topic on how much and why you need insurance.

I hope you learn more from the article than the vague explanation I gave my friend.


PS. I hope Mr. Peria doesn't mind my sharing the link.

photo source: ingenuityfp.com

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