LaRue Insurance, Hodgenville, Kentucky & Bardstown, Kentucky
BARDSTOWN PHONE 502-348-0050

21 Life Insurance

Life insurance should be the foundation of your financial plan. In the event of your death, life insurance can pay your mortgage, send your kids to college, and repay debts. It can also protect your assets from outstanding bills or taxes.

To fully protect your family, you must first decide how much insurance you need. Then you must choose the right policy. Experienced professionals at LaRue Insurance will help you with these decisions. Then we'll continue to work with you, year after year, to make sure your coverage continues to meet your family's changing needs.

The worksheet below will get you started. For more complete information contact us today.

How Much Life Insurance Do I Need?
This worksheet offers a rough idea of your life insurance needs. For a more accurate and detailed analysis, contact LaRue Insurance.
  1. How much will be needed to meet final expenses (including medical and hospital costs, funeral expenses, attorney and executor fees and probate costs)?
  2. How much will your family need to meet unexpected expenses (such as major home repairs, auto repairs, medical emergencies)?
  3. How much will be needed to educate your children (include college tuition, room and board, books and other fees)?
  4. How much debt will your survivors need to repay (such as mortgages, home equity loans, auto loans and credit cards)?
  5. How much will your family require for annual living expenses (including food, clothing, home maintenance and incidentals)? Multiply this amount by the number of years income should be provided.
Add the totals of 1 through 5 then subtract the amount of life insurance you already hold, cash, savings and any other liquid assets you might have. The result is the amount of additional life insurance you need.