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16 January, 07:54

You have a gross annual income of $62,000. use the multiple of income method to determine the minimum amount of life insurance you should carry.

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  1. 16 January, 07:57
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    Gross annual income of $62,000

    The multiple of income method states that most families need 70% of ones income for seven years.

    If that were true, in this case, we would take

    ($62,000) (.70) = $43,400

    ($43,400) (7) = $303,800

    You would want to have roughly $303,800 in life insurance.
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