Editor’s note: This is a transcript of the audio file.

Sometimes it’s not about you…especially when you have loved ones that depend upon you. With that said, do you have a life insurance policy for your dependents? Is it enough? How much do you really need?

Life insurance is a personal affair and not everyone needs it. The main thing to remember is that life insurance is designed to replace lost income or pay for special needs your family would have if you weren’t around.

Start by figuring out how much you’re worth, and how much money you have flowing in and out each month. Next, consider what your future obligations will be, like paying for your kid’s college and seeding a retirement fund for your spouse.

If you’re the wage earner, you want to replace your salary based on how long your family will need your income to make ends meet. Do you have a mortgage? If so, calculate that into your policy needs, after all if your income helps to pay for the mortgage, where will that money come from if you’re not around?

Also, don’t forget about any debt you may be carrying and how much it will cost to pay it off, including funeral costs.

To calculate how much you’ll need…visit Bankrate.com’s insurance calculator. I’m Kristin Arnold.