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Reply to "How much money would this family need to be able to raise my daughter if I die?"
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[quote=Anonymous]Remember that insurance is a hedge and you are unlikely to orphan your daughter, so you don't want to buy enough insurance to pay for lavish comforts. Plus, you will presumably leave other assets besides insurance. A million is a pretty typical amount of life insurance to get (usually $500k per parent) and will be fine. If you don't like ballparking it, another way to approach it is to use the cost of household help as a proxy for "enough" -- the salary of nanny or housekeeper in your area for the years until your DD is 16 or 18 would be plenty. I would not expect the family to buy a bigger house or car, btw. As you envision your child's life with this family, envision her sharing a room and sitting 3 across in the back seat.[/quote]
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