How much life insurance would children need if both of their parents were to die?
Princess, those wouldn’t be your parents would they? That isn’t nice, if it true. OK, I’ll assume not. The kids would need a guardian until they turned 18, and probably until they were finished with their education. Most kids, these days, depend upon their parents for years after they turn 18 for OK, the kids won’t require their parents whole income every year, because they will will be living with somebody else. Even if they use part of their life insurance money to help with the bills at a guardian’s house, that won’t amount to the upkeep the whole family needed before. And of course, you didn’t mention if the parents had savings. The amount of life insurance would depend upon how much money they will inherit from their parent’s estate. But in general, I would figure out how much it would take to get the kid’s educated and established … let’s say for the next 5 years or so. Since a public university can cost $20k a year, I’d allocate a couple of grand for college. And then allocate
