Today, we’re talking about life insurance needs for different life stages, starting with Emma, a young professional just beginning her journey.

Story:
Emma is a 25-year-old graphic designer living in a bustling city. She’s enjoying her independence, exploring her career, and planning for the future. She has $20,000 in student loans, but no other significant debts, and she rents an apartment. Emma recently started thinking about life insurance after a conversation with a friend. While she doesn’t have dependents, she wants to make sure her family isn’t burdened if something happens to her.

Understanding the DIME Method:
The DIME method is a helpful way to determine your life insurance needs. It stands for Debt, Income, Mortgage, and Education. By considering these four factors, you can estimate how much coverage you need to protect your loved ones.

Solution Using DIME Method:

• Debt: $20,000 for student loans.
• Income: Since Emma doesn’t have dependents relying on her income, there’s no need for income replacement.
• Mortgage: No mortgage, as she rents.
• Education: No children, so no education costs.

Funeral Expenses:

• $20,000 to cover funeral costs.

Total Insurable Amount: $40,000

Summary and Best Options:
For Emma, a simple term life insurance policy could be the best option, offering affordable coverage for a set period.

Emma realized that even though she’s young, life insurance can help her protect her family from unexpected financial burdens. If you’re like Emma and want to explore your life insurance options, schedule a call with us today for a free consultation. We’ll help you use the DIME method to figure out exactly what you need.

Disclaimer:
This example is for illustration purposes only. Each person’s life insurance needs are different and require a personalized assessment.