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How much life insurance protection does your family need?

Posted on October 28, 2013
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Insurance-protection2

Get a ballpark figure of how much life insurance you and your family need using one of these simple formulas.

  • The easiest way to calculate how much life insurance you need is to simply take your annual salary and multiply it by 8. 
  • A more detailed method is to add up the monthly expenses your family will have after your death. Remember to include one-time funeral costs, as well as ongoing daily living expenses and obligations such as a mortgage or school bills.

Take the ongoing expenses and divide by .07. That indicates you'll want a lump sum of money earning approximately 7% each year to pay these ongoing expenses. Add to that amount any money you'll need to cover one-time expenses and you'll have a rough estimate of the amount of life insurance you need.  You may want to run this by your personal financial advisor who understands your specific financial obligations since individual situations vary.

You can also use this free online calculator to estimate how much life insurance you and your family need.

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Your union membership dictates which Union Plus benefits you are eligible to use.

  1. What your national union’s name (not just your local number)? Scroll through the list we have to see if you recognize your union.
  2. What type of work do you do (select your occupation)?
  3. Do you have a union member card or union publication/letter that shows the name of your union? Find something with the name of your union, not just a local number.
  4. Is there a shop steward or work colleague you can ask what the name of your union is? You can even ask your human resources department to tell you the full name of your union?
  5. Do you have a Union Plus Credit Card? If so, the name and logo for your international union should appear on the front of the card.

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Union members are automatically eligible for their union's Union Plus benefits and you do not need to be a Union Plus Credit Cardholder in order to access your union's Union Plus benefits.

But - if you are a Union Plus Credit Cardholder, you could be eligible for additional discounts.