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How Much Life Insurance Do I Really Need? Part 2


Alright, let's pick up where we left off in our previous chat. This time, we're adding a sprinkle of math to the mix to serve you up a real number. Think of it as figuring out exactly what size pizza to order—customized to your appetite. Remember, there's no one-size-fits-all when it comes to your unique situation. So, here's a crash course to prep you for that all-important chat with us.

**Step 1: Crunch Those Household Numbers**

Imagine leaving a little extra for your spouse or kids to handle things once you're gone. We're talking about medical bills, saying goodbye to cars and homes, taxes, and general living costs. To estimate these expenses, grab the amount you spend in a typical month—utilities, car stuff, house payments, food, insurance, the whole shebang. Now, multiply that by three. This should give your family a safety net for a few months, enough time to grieve and plan without diving straight into selling homes or job hunts.

So, if your monthly costs dance around $3,500, then your family's cushion should be $10,500 ($3,500 x 3 = $10,500).

**Step 2: Plan for the Farewell Bash**

Funeral and burial costs can be as varied as toppings on a pizza. On average, it's $10,000 – $15,000 for a burial and $4,500 to $6,500 for a cremation. But here's the twist—when the person in charge of your arrangements is dealing with their emotions, the funeral director might just nudge them towards the fancier (read: costlier) options. A $20,000 farewell? It's easier to spend more at the funeral home than you think.

So, having a plan is key. Let's say you've got it all figured out, and you can set aside $12,500 for this occasion.

**Step 3: The Grand Total**

Add those numbers together, and voilà! $10,500 (for family) + $12,500 (for farewell) = $23,000. This sum, my friend, is the minimum coverage you should aim for.

**Step 4: Don't Forget the Inflation Twist**

Now, let's throw some inflation into the mix. It varies depending on your age, but don't worry, we've got you covered. For instance, if you're a gent between 63-65, your inflation multiplier is 1.83. Multiply that by your total from Step 3 to get the estimated total cost.

So, let's calculate: $23,000 (total needed) x 1.83 (for inflation) = $42,090. This would be the coverage for a fellow aged 63-65. 

"But wait," you say, "is this feasible?" Great question! At Kovach Consulting Group, affordability is our jam. We're just as concerned about your policy's price tag as you are. We're here to chat about what you need and ensure it's wallet-friendly for you.

Remember, it's better to leave your family with a map than to leave them hanging. Let's ensure you're protected in style!


Ready to give your loved ones the gift of lasting security? Don't hesitate—seize the moment and pave the way for their future with the perfect life insurance coverage.


At Kovach Consulting Group, we offer you two paths:

If you already know what you need? Skip the small talk and grab a quote without agent chit-chat.



Prefer expert guidance on your journey to peace of mind? Our savvy team is at your service, ready to demystify the process and assist your decision-making. Connect with us now for a personalized quote and let the adventure begin!


Keep in mind, spots are precious! Due to overwhelming demand, we're only accepting 10 new clients each week. Reserve your spot for a chat before they're all snapped up.