Many experts suggest buying a life insurance policy equal to 10 to 20 times your annual income\. Annual income is an important factor in determining your needs\, but it\’s not the only one\.
"; toolTipArray[1] = "A dependant is anyone who depends on your income\. The amount of life insurance you need will depend on the total amount your family needs\, before taxes\, to maintain their current standard of living\, typically 60\%\-75\% of total income\. Families with higher incomes typically fall into the lower end of that range\.
"; toolTipArray[2] = "Your age correlates with the amount of life insurance you will need\. The younger you are\, the more life insurance need you will have\. Why\? Because you have a longer time to work before retirement\, which means you have a higher earning potential\.
"; toolTipArray[3] = "Without your work income\, your family will face an annual shortfall\. The number of years the benefits are needed will cover this shortfall until circumstances change \(for instance\ when your children graduate from college\.\)
"; toolTipArray[4] = "A 4\% assumption has been incorporated in the calculation\. You may enter your own data and override these assumptions to gain an even more personalized analysis\.
"; toolTipArray[5] = "A 6\% assumption has been incorporated in the calculation\. You may enter your own data and override these assumptions to gain an even more personalized analysis\.
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