The #1 Question Florida Families Ask

After people decide life insurance applies to them and learn how to shop for it, one question always remains:

“How much coverage do I really need?”

Not too much.
Not too little.
Just enough to protect the people who depend on you.

Luckily, you don’t need a financial planning degree or a stack of calculators to figure it out.
You just need a simple, honest framework built around your family’s real needs.

And that’s where the L.I.F.E. formula comes in.

The L.I.F.E. Formula: A Clear Way to Calculate Your Coverage

This formula helps families estimate how much coverage provides meaningful protection, without overselling or overcomplicating anything.

LIFE stands for:

• L — Loans & Liabilities
• I — Income Replacement
• F — Final Expenses & Funeral Costs
• E — Education for Kids & Estate Planning

Let’s break it down, Florida style.

1. Loans & Liabilities

Covering the Financial Weight That Doesn’t Disappear.

These are debts that could fall on your family if something happened to you.

This includes:

• Mortgage balance
• Car loans
• Credit cards
• Personal loans
• Home equity loans
• Medical bills

Imagine your family trying to grieve while also being handed thousands of dollars in bills.
This piece of the formula prevents that burden.

2. Income Replacement

The Most Important Part for Most Families.

If your income disappeared tomorrow, how long would your family need help?

A simple rule of thumb:

Replace 5–10 years of your income.

This gives your spouse and children:

• Stability
• Time to adjust
• Time to make decisions
• Breathing room

For many Florida households, especially with higher living costs, this is the core of life insurance planning.

3. Final Expenses & Funeral Costs

Taking Care of Immediate Needs When Families Need It Most.

Even the most basic services can cost more than people expect.
Final expenses often fall between $8,000 and $15,000 in Florida, depending on the arrangements.

Including this in your coverage ensures your family has one less emotional and financial stressor during a painful time.

4. Education for Children & Estate Planning

Education:

Whether that’s:

• College
• Trade school
• Vocational programs
• Private school
• Childcare
• Tutoring
• Special needs services

Raising kids in Florida comes with real financial responsibilities.
Life insurance helps secure their opportunities, even if you’re not here to guide them personally.

Estate Planning:

Say I love you. What can you give to say I love you:

• To leave a legacy
• To pass down property
• To cover estate taxes
• To support aging parents
• To create long-term stability
• Donations to your favorite causes and organizations

Life insurance can play a simple and effective role here, without getting overly complicated.

You have options to help create a legacy for you and your family, even when you're not around.

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Putting the L.I.F.E. Formula Together (A Real Example)

Let’s imagine a family in Altamonte Springs:

• You earn $60,000 per year
• You owe $240,000 on your mortgage
• You have $10,000 in other loans
• You want to provide 7 years of income replacement
• Final expenses = $12,000
• Two kids: $50,000 each toward future education

Your formula might look like:

• Loans & liabilities: $250,000
• Income replacement: $60,000 × 7 = $420,000
• Final expenses: $12,000
• Education: $100,000

Recommended coverage: ~ $782,000
Round that to $750k or $1M depending on your budget.

The point isn’t perfection, it’s protection.

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Do I need all this life insurance?

You may not need to cover this entire amount. If you have current life insurance options, assets that you've built up, or investments, these can cut down on that total need.

Take you need and subtract how much assets you have and that is the amount you should concider getting coverage.

There are many factors at play and everyone's situation is different. Having a trusted advisor in your corner can make all the difference and ensure that you are getting the right coverages for you and your family.

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Florida-Specific Considerations You Shouldn’t Ignore

Florida families face unique realities that impact how much coverage makes sense:

✔ Higher cost of living

Homes, insurance, and general expenses can strain single-income households.

✔ Many employers offer limited life insurance

Usually 1–2× salary, which is rarely enough.

✔ Florida is full of young families

Life insurance often becomes more important when raising kids.

✔ Life is unpredictable

From hurricanes to medical surprise bills, families need financial margin.

These factors don’t redefine the LIFE formula, they just make it more important.

Avoid the Most Common Mistake: Underinsuring

Many people reduce their coverage amount to save a few dollars each month.

But here’s the truth:

Saving $8–$15 per month today shouldn’t cost your family $300,000 of protection tomorrow.

Choose the amount that actually supports your family, not the amount that simply “sounds good.”

Should You Calculate This Alone or Work With an Advisor?

You can absolutely use the LIFE formula on your own.

But here’s what many people don’t realize:

Every life insurance company evaluates your health and risk differently.

One carrier might approve you easily…
Another might double the price…
Another might decline you entirely…

And this has nothing to do with you, just how each insurer underwrites risk.

That’s why having the right advisor matters.

Not someone tied to a single carrier.
Not someone who pushes products.
Not someone who uses scare tactics.

But someone who:

• Helps you calculate what you truly need
• Respects your budget
• Prioritizes your family’s values
• Explains options clearly
• Searches multiple carriers on your behalf

Those are the advisors who help families stay protected, not over-insured, not under-insured.

And that’s the philosophy we live by at Tueri.

Final Thoughts: Life Insurance Isn’t About Numbers, It’s About Your Family

The LIFE formula gives you clarity.
A good advisor helps you apply it correctly.

When in doubt, ask yourself:

“If I weren’t here tomorrow, what financial support would my family need to stay safe, stable, and supported?”

That’s your coverage amount.

If you need an advisor or someone to give you advice, Tueri can be here for you. Our insurance Guardian Consultants are always available to help navigate the unknown, give us a call.

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