The spooky season is upon us! As the days grow colder and darker, Halloween decorations emerge, and we settle onto the couch for scary movies and candy corn (at least, I do). But there’s something even spookier than any ghost or goblin: the thought of leaving your family to navigate the unknown without a solid estate plan. The good news is, unlike those jump scares in horror movies, this story has a happy ending.

The Monster Under the Bed

Estate planning is like that monster you imagined under your bed as a child. The longer you avoid looking, the bigger and scarier it becomes in your mind. You know it’s there. You think about it at the most inconvenient times, like late at night, when you hear about someone else’s family crisis, during those quiet moments when worry creeps in.

But here’s what I’ve discovered after years of helping families–once you finally turn on the light and look under that bed, there’s no monster at all. Just relief.

The Relief Factor: Exorcising Your Worries

I call it the “Relief Factor,” and I see it happen nearly every single time.

Most people I work with have been haunted by this task for months, sometimes years. It’s been lurking in the back of their minds, casting a shadow over their peace of mind. They procrastinate for all kinds of reasons. Life gets busy, it feels uncomfortable, they’re not sure where to start.

And then, once it’s finally done? It’s like an exorcism. That haunting weight lifts. The anxiety vanishes.

I can honestly say I’ve never met anyone who regretted completing their estate plan. Not once. What I have heard, countless times, is: “I should have done this years ago” and “I can’t believe how much better I feel now that it’s finished.”

Banish the Ghosts of “What If”

The ghosts of “what if” can be truly frightening:

• What if something happens and there’s no plan?
• What if my family can’t access what they need?
• What if they’re left fighting over my wishes because I never made them clear?

These are the real hauntings that keep people up at night. But you have the power to banish them completely.

The estate planning process doesn’t have to be a haunted house of horrors. It can be as simple as a friendly chat with an experienced estate planning attorney, who can help you unmask your assets, liabilities, insurance policies, and beneficiary designations. This seasoned professional can also help exorcise your fears about frightening long-term care costs and other spooky stuff like death taxes, leaving you with nothing but peace of mind.

No More Tricks—Just the Treat of Peace of Mind

You’ve been spooked by this task long enough. Don’t let another year pass with estate planning haunting you. Treat  yourself and your loved ones to clarity instead of confusion, preparation instead of panic, and that incredible Relief Factor that comes from knowing everything is handled.

The scariest part is over—it’s just the decision to begin. And I promise, once you do, you’ll wonder why you let it haunt you for so long.

Here’s a question I hear all the time. “Do I really need life insurance?” And right behind it comes, “How much should I actually have?” Let me answer the first one right away.

Yes, you really should have life insurance as part of your comprehensive estate plan. I remember a time when I let my life insurance lapse, thinking I’d get around to it later. Then COVID hit, and a wave of panic washed over me. The thought of leaving my family in a mess if something happened to me was terrifying. It was a stark reminder of why this planning is so crucial.

The Seatbelt Analogy

Getting life insurance isn’t “unlucky” or inviting bad things to happen. That’s superstition, not smart planning. Think of it like wearing a seatbelt. You don’t expect to get in an accident, but you buckle up anyway because you care about staying safe.

I get it. Life insurance isn’t exactly a fun topic. Nobody wants to think about not being around for the people they love. But here’s the thing… Getting this right means you can actually relax a bit, knowing your family will be okay no matter what life throws at them.

The tricky part? There’s no magic number that works for everyone. Your neighbor might need a policy with coverage of $500,000 while you may need a policy for $1.5 million, or vice versa. It all depends on your unique situation. So let’s walk through the factors you should think about when figuring out your coverage.

Start with Your Income

Let’s begin with the basics. Your paycheck.

Think about it this way. If you weren’t there to bring home your income, how long would your family need that money replaced? A year? Ten years? Twenty?

You’ve probably heard the “10 times your income” rule. If you make $75,000 a year, that would mean $750,000 in coverage. It’s not a bad starting point, but let’s dig deeper.

Do you have a toddler at home? You might want coverage that lasts until they graduate college. That’s easily 20+ years of income replacement. On the flip side, if your kids are already independent and your spouse has a solid career, you might not need quite as much.

What About Your Debts?

Let’s talk about what you owe, because nobody wants to leave their family with a pile of bills.

Your mortgage is probably the biggie. Many people want enough insurance to pay off the house completely. Imagine the peace of mind your spouse would have knowing they could stay in the family home without worrying about the mortgage payment.

Then there are the other loans. Your car payment, that personal loan, credit card balances. Some of these might not legally pass to your family, but if you have joint accounts or co-signers, those people are still on the hook.

And if you’re a business owner? Don’t forget about any personal guarantees you’ve signed. The last thing you want is for a business debt to come back and bite your family.

Kids and College (Yep, It’s Expensive)

If you’ve looked at college costs lately, you know they’re enough to make your head spin. We’re talking $100,000 to $300,000+ per child for a four-year degree, and that number keeps climbing.

Got three kids? That’s potentially close to a million dollars right there, and that’s just for college! If private school is part of your plan before college, add that to the tally too.

I know, I know. It sounds overwhelming. But that’s exactly why life insurance exists, and having an experienced estate planning attorney advising you is key. You’re essentially pre-funding these dreams so your kids don’t have to give them up.

The Expenses Nobody Likes to Think About

Here’s the uncomfortable truth. Dying is expensive. Funerals typically run $7,000 to $15,000 or more. Then there are estate administration costs, probate fees, lawyers, and those final medical bills that insurance didn’t cover.

These costs often need to be paid right away, before anyone can access your other assets. Life insurance provides that immediate cash when your family needs it most.

Let’s Talk About Your Spouse

This is where it gets really personal, and it’s different for every family.

Maybe your spouse has always been the one at home with the kids. They’ll need time (and possibly training or education) to get back into the workforce. Or maybe they’ve been working part-time. Could they ramp up to full-time while still being there for the kids?

And here’s something people often forget. Even if your spouse doesn’t earn a traditional paycheck, they’re providing valuable services. Someone will need to handle the childcare, meal planning, housekeeping, and everything else. That’s real money.

The bottom line? Think about whether your spouse could realistically maintain your family’s lifestyle on their income alone. If the answer is “not really” or “not without major changes,” that gap is what your insurance needs to fill.

Don’t Forget What You Already Have

Before you panic about needing millions in coverage, take a breath and think about what’s already in place.

Do you have savings? A 401(k) or IRA? Life insurance through work? Your kids might qualify for Social Security survivor benefits (yes, really check into this!). Investment accounts? All of these count toward your family’s financial cushion. Your life insurance should fill in the gaps, not duplicate what you’ve already got covered. Just be careful about counting on assets that aren’t easily accessible or that your family needs for retirement.

Your Age and Health Matter

Here’s something that might surprise you. Life insurance gets more expensive as you get older, and it’s harder to qualify for if health issues pop up.

If you’re young and healthy right now, this is actually your golden window. Personally, before letting my coverage lapse I was paying about $250 per year for my policy. Ten years later, the same coverage ran me about $200 per month! 

You can lock in lower rates for decades with term life insurance. Waiting until you’re older or until you have a health scare? That’’ll cost you both in higher premiums and possibly in coverage limits.

The Life You Want for Your Family

Okay, we’ve covered the necessities. But let’s talk about something more than just “getting by.”

What kind of life do you envision for your family if you’re not there? Would you want your spouse to have the flexibility to work less and spend more time with the kids during those crucial years? What about family vacations, music lessons, summer camps. The things that make childhood special?

Are there aging parents you help support? Charitable causes close to your heart? These aren’t frivolous add-ons. They’re part of your family’s life and values.

Some Helpful Ways to Crunch the Numbers

If you’re a numbers person, here are a few methods that might help:

The DIME Method is pretty straightforward. Add up your Debts, Income needs (times the number of years), Mortgage balance, and Education costs. Boom. There’s your number.

The Human Life Value approach gets a bit fancier, calculating what your future earnings would be worth today, minus what you’d spend on yourself.

The needs-based method is the most detailed. You basically create a full budget of everything your family would need, both ongoing and one-time, then figure out what lump sum would cover it all.

Honestly? Working with an estate planning attorney can be super helpful here. They’ve done this hundreds of times and can spot things you might miss.

This Isn’t a “Set It and Forget It” Thing

Life changes, and just like your estate plan, your insurance should change with it.

Had a baby? Time to reassess. Bought a house? Check your coverage. Got a big raise? Might need more. Paid off the mortgage? Maybe you can reduce your coverage (and save some money).

I recommend reviewing your policy every 3-5 years, or whenever something major happens in your life.

Here’s the Bottom Line

Figuring out how much life insurance you need isn’t about picking a random number or just going with whatever your company offers. It’s about really thinking through what your family would face financially without you, and making sure they’d be okay. Not just surviving, but actually okay.

Remember, life insurance isn’t really about you. It’s about the people you love. It’s about making sure that your family’s future is secure, that your kids can still chase their dreams, and that your spouse doesn’t have to make impossible choices during an already impossible time.  An experienced estate planning attorney can help, and I’d be happy to speak with you.  Book a call by clicking the link below.