A life insurance shortfall is the gap between your family's financial needs and the total amount of life insurance coverage and savings you currently have.
For example, if your family would need $1,000,000 to maintain their lifestyle and pay off debts, but you only have $300,000 in life insurance and $100,000 in savings, your shortfall would be $600,000.
Understanding your shortfall helps you determine if you need to increase your life insurance coverage to adequately protect your loved ones.
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