Get Quote Contact Us Agent Login Advice & Guidance Products & Services Join Us About Us Customer Support Home / Advice & Guidance Learning Center / Life Insurance / Life Insurance Where I Am in Life Life insurance may be one of the most important purchases you'll ever make. In the event of a tragedy, life insurance proceeds can help pay your bills, continue a family business, pay for future needs like your children's education, protect your spouse's retirement plans, and much more. How Much Do I Need? The answer isn't really how much life insurance you need... it's how much money your family will need after you're gone. Ask yourself: How much money will my family need after my death to meet immediate expenses, like funeral expenses and debts? How much money will my family need to maintain their standard of living over the long run? Life insurance proceeds can help pay immediate expenses including uncovered medical costs, funeral expenses, final estate settlement costs, taxes and other lump-sum obligations such as outstanding debts and mortgage balances. They can also help your family cover future financial obligations like everyday living expenses, money for college or your spouse's retirement, and so much more. But how do you know if you need $100,000, $500,000, $1 million or more? Our Advice & Guidance Center is interactive and offers you planning tools, calculators and personalized resources to help you get a rough estimate of how much you need. Let's Get Started It's quick and easy! Choose where you are in life by selecting the life event or life stage that is important to you. We can then begin tailoring your site experience based on your selection. Life Stages --- Single (no children) Single parent (with children) Married (no children) Married (with children) Stay-at-home parent Small business owner Grown children Retired Life Events --- Getting married Buying a home Having a child Taking on debt (paying off credit) Planning for college Coping financially with a job loss Special needs dependents Changes in your marital status (death or divorce) Coping financially with divorce Supporting aging parents Planning for retirement (premature death or disability) Enjoying retirement End-of-life concerns Dealing financially with an early death Voluntary insurance at the workplace Life Event: Planning for college With college costs skyrocketing, you need to plan earlier and more carefully than ever to achieve your college savings goals. You'll need a disciplined approach to saving and investing, as well as a smart risk management strategy to ensure that your goals will be achieved, even if you aren't able to complete them due to illness, accident or death. Federal and state-sponsored college savings programs allow you to save and withdraw tax-free. Education IRAs (now called Coverdell Education Savings Accounts) and Section 529 plans are two such programs. Permanent life insurance is another option to consider because it also allows you to save and withdraw tax-free, while providing important protection for your college savings plan. Insurance forms the foundation of a sound college funding program, helping ensure that your savings plan won't die or become disabled if you do. Life insurance can complete a college savings plan that hasn't matured, while disability insurance can help make sure that you can continue to set aside money for college, even if you're unable to work. WHAT ARE THE DIFFERENT TYPES OF INSURANCE? CONSULT AN INSURANCE PROFESSIONAL Comments contained in this website reflect our understanding of current tax law. However, the laws are subject to different interpretations and changes. Our agents do not provide tax advice. Please consult with your tax advisor about your personal situation. Additional Resources Printable Consumer Guide Learn More About Baltimore Life Life Insurance 101 Video realLifeStories Additional Calculators How much life insurance do I need? What are my needs for burial and final expenses? How long will my current life insurance proceeds last? Compare a taxable investment to a tax-deferred annuity Corporate Office 10075 Red Run Boulevard Owings Mills, MD 21117-4871 Phone: 410-581-6600 / 800-628-5433 Fax: 866-660-6253 Email: info@baltlife.com Stay in Touch Be the First to Know Faster service and information in your inbox. Full Name Policy Number Email Address Legal Notices Copyright © 1998-2021 The Baltimore Life Insurance Company Employee Login