Free checklist · Printable PDF
Life Insurance Needs Checklist
How much life insurance is “enough” depends on who relies on you and what you’d want covered. This checklist walks through a simple needs estimate you can do at the kitchen table, plus the questions to ask before you apply.
- Veteran-owned (USMC)
- Independent agent: compares multiple carriers
- Free, no-obligation quotes
Quick takeaway
- A simple estimate adds up debts, income replacement, and future goals, then subtracts savings and existing coverage.
- Term life is often the lowest-cost way to cover a set number of years; permanent life lasts longer and may build cash value.
- Approval and price are subject to underwriting.
Add up what you’d want covered
- Mortgage or rent for the years your family would need it.
- Other debts: car loans, credit cards, student loans.
- Income replacement: how many years your family would need your paycheck.
- Childcare and child-raising costs.
- College or training goals for your kids.
- Final expenses, like a funeral and medical bills.
Subtract what you already have
- Savings and investments your family could use.
- Life insurance through work, and whether it ends if you leave the job.
- Existing personal policies.
Before you apply
- Decide how long you need coverage (for example, until the kids are grown or the mortgage is paid).
- Compare term and permanent options.
- Choose primary and contingent beneficiaries.
- Have your medical history, medications, and doctor information ready.
- Ask about riders, like waiver of premium or accelerated death benefit.
Review it later
- After marriage, divorce, a new baby, or a new home.
- When your income changes.
- When you’re approaching retirement.
About “no exam” and “guaranteed” offers
Some policies offer simplified applications or coverage without health questions, often with lower amounts, higher prices for the coverage, or waiting periods. Compare the details before choosing.
Download, print, and share
Download the free Life Insurance Needs Checklist (PDF). It’s a direct download, with no form to fill out. Print it, check things off, and bring it to your next coverage review.
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Frequently asked questions
How much life insurance do I need?
A common approach is to add debts, income replacement, and future goals, then subtract savings and existing coverage. The right amount depends on your family and budget.
Is life insurance through work enough?
It can help, but group coverage is often a modest amount and may end if you leave the job. Many families add a personal policy.
Do I need a medical exam?
It depends on the policy and the amount. Some policies use a medical exam, while others use health questions and records, subject to underwriting.
Want a second set of eyes?
Bring this checklist to a free coverage review. Eric can walk through it with you, explain what you have, and help you shop options from more than one carrier. Call or text 615-808-1105.
Coverage descriptions are general information only; your policy documents determine actual coverage. Availability varies by carrier.
Eric Henry, licensed insurance producer, NPN 3953606 · Affiliated with Hutsenpiller Insurance. Coverage subject to policy terms and carrier approval.