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Each year you have to pay the IRS taxes on your income. $25,000 x .80 = $20,000 / year or $1,667 per month.
$500,000 policy pays approx $1,667/ month
When you pass away, your beneficiary will get a tax free check for the death benefit.
Biggest Tax Free Explosion Out There!
Jack's Simple Approach
1. Add 5 x your income
2. Add any debts
3. Subtract liquid cash
This equals your minimum
death benefit to apply
for. It gets a bit more
complex than this, but
these are the basics.
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There is not a magic formula to calculate how much life insurance you need. What we do at TermLyf.com is help our clients figure out what is best based on your unique situation and what you can afford. Here are a few ideas to build your formula:
RENT / MORTGAGE - DEBT - COLLEGE TUITION - MONTHLY INCOME
$500,000 x .05 = $25,000 per year without touching the principal. That is an average of $2,083 per month. Does that replace your spouses income? Is it enough to pay the rent or the mortgage? How about college?
And this doesn't even include income taxes!