Life insurance matters most on your hardest day. If something happened to you, would your family be okay?
For many Owensboro families, the hardest part isn’t buying life insurance — it’s figuring out how much is enough. Let’s simplify that with a quick, real-life approach we call the 5-Minute L.I.F.E. Method.
This method helps estimate coverage without spreadsheets or complicated formulas.
Start with what your family would still owe:
Mortgage balance
Auto loans
Credit cards
Student loans
The goal is to remove financial stress if income disappears.
Ask yourself:
How many years should your income be replaced?
Many families choose 5–10 years, especially during child-raising and mortgage years.
Final expenses are often overlooked, including:
Funeral costs
Medical bills
These commonly total $15,000–$25,000, depending on circumstances.
Think beyond bills:
Kids’ school or college costs
Childcare
Support for aging parents
This is the part that keeps life stable, not just paid.
Here’s what this looks like in real numbers:
L — Loans & debts:
Mortgage balance: $180,000
I — Income replacement:
$60,000 × 7 years = $420,000
F — Final costs:
$20,000
E — Education & extras:
$50,000
Estimated life insurance need:
$670,000 → rounded to $700,000
This is a planning estimate, not a guarantee. Coverage needs vary by household and goals.
Term life insurance covers a set period (usually 10–30 years). It’s often the most affordable option during mortgage-and-kid years.
Whole life insurance lasts your entire life and can build cash value over time.
Some Owensboro families use a blend of both, depending on long-term goals, budget, and risk tolerance.
👉 Learn more about our life insurance options.
We slow down. We explain. We protect.
Bring your numbers, and we’ll help fine-tune coverage that fits real life in Owensboro, not a generic calculator.
Want a quick, judgment-free coverage check?
Call or text 270-225-4445 or start here: Coverage Check