If you have a family, or plan to have a family, buy enough life insurance so that when combined with other sources of income, it will replace the income you now generate for them. Additionally, consider having enough to offset any additional expenses they will incur to replace the services you provide. Your family may also need extra money to make changes after you die, for example, they may want to relocate or your spouse may need to go back to school.
The DIME formula is a common method used to determine how much life insurance coverage is necessary. DIME stands for Debt, Income, Mortgage, and Education, which are the four main factors that are considered when calculating life insurance coverage.
Once you have these four figures, add them together. This will give you a rough estimate of the life insurance coverage that you need.
Download our Buyer’s Guide for more information regarding life insurance.
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Disclaimer: American Fidelity Life Insurance Company makes available the information and services contained herein in furtherance of American Fidelity’s goal to inform and educate. While American Fidelity Life Insurance makes every effort to present accurate and reliable information on this site, American Fidelity Life Insurance does not endorse, approve or certify such information, nor does American Fidelity Life Insurance guarantee the accuracy, completeness, efficacy, or timeliness of such information. American Fidelity Life Insurance assumes no responsibility for consequences resulting from use of the information contained herein, or from use of the information obtained at linked sites, or in any respect for the content of such information. The products of American Fidelity Life Insurance, and their features, may not be available in all states.
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AmFi is dedicated to providing only the safest and strongest life insurance products available. With a simple and systematic approach to investing in United States Government bonds and highly rated corporate bonds, and great service, AmFi has become one of the strongest and most stable insurance companies in America.
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© 2023 American Fidelity Life Insurance
American Fidelity Life Insurance Company is committed to ensuring digital accessibility for people with disabilities. We are continually improving the user experience for everyone, and applying the relevant accessibility standards. We welcome your feedback on the accessibility of amfilife.com. Please let us know if you encounter accessibility barriers on our website.
Disclaimer: American Fidelity Life Insurance Company makes available the information and services contained herein in furtherance of American Fidelity’s goal to inform and educate. While American Fidelity Life Insurance makes every effort to present accurate and reliable information on this site, American Fidelity Life Insurance does not endorse, approve or certify such information, nor does American Fidelity Life Insurance guarantee the accuracy, completeness, efficacy, or timeliness of such information. American Fidelity Life Insurance assumes no responsibility for consequences resulting from use of the information contained herein, or from use of the information obtained at linked sites, or in any respect for the content of such information. The products of American Fidelity Life Insurance, and their features, may not be available in all states.
