Denzel Rodriguez breaks down how much life insurance you actually need: enough to pay off debts, cover burial costs, and replace your spouse's income for seven years. That seven-year target is the ideal, though he acknowledges it's not always possible. Some debts disappear when you die, others don't.
And the goal is we want the death benefit that we obtain to cover all debt that you carry at present time, burial expense, and income replacement for at least 7 years or more. The longer you go, the better, obviously. But preferably, if there's a 7-year-plus window of income replacement for that spouse, That is extremely helpful for any widow, male or female, in that, in that circumstance, in that situation. So that's the standard that I have that I like to solve for, and we're gonna see if we get there based on what I just did, right? And again, this is ideal. Not every time is that going to be the case. So we're looking at the most important things, which is, well, we definitely want to cover burial expense. And when it comes to covering debt, debt can sometimes die with the individual, certain, certain debts. And then there's other debts, depending on the situation, that may not make sense to pay off right away.
