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* Fact Source: http://www.limra.com/
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You will need this much term insurance:
This is a self help tool. This information is provided for illustrative purposes to assist you regarding your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that myLifeApp or any insurance carrier assumes any fiduciary duties to you. The calculations provided should not be construed as financial, legal or tax advice. Your circumstances are unique and you should consult with a financial, legal or tax advisor as appropriate. In addition, such information should not be relied upon as the only source of information.
In nearly all circumstances, benefits paid upon death are not taxed*
Reason for getting life insurance: To replace one’s ability to earn income.*
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