People have received several advises on how to calculate their life insurance needs. One of the ways is to calculate your human life value. You calculate your income from the present to retirement. This method does not consider the needs of your beneficiaries. What happen if you and your spouse plan to have just two kids and you end up having two sets of twins? What if someone in the family becomes high maintenance? (That is the person needs constant medical care and out-of-pocket medical expenses are very frequent). You may want to err on the side of caution and end up buying far more life insurance cover than you require.

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