Does a million dollars seem like a lot of money? Do you ever wonder what you would do if you had a million dollars? Are you worth a million dollars? While I can’t answer the first two questions, I might be able to answer the third. No, it’s not about how much money you have, or necessarily about how much you earn.

Worth is a lot more than your salary or your current assets. It’s the present value of what you do, who depends on you and what it would cost to replace you. Without knowing you, I would bet that you, like many women, are underestimating the value of what you bring to your family, your business and/or the worthy causes you care about.

Just think about it. You earn a salary or may even be the primary breadwinner in your family. Perhaps you have children, take care of aging parents, volunteer for a cause you love, or own a business. Now consider the costs for childcare, college, elder care, home/spouse care, the work you do for charity, replacing the value you bring to your business. Do you have any idea of how much that is worth?

Just as a rule of thumb, the life insurance underwriting professionals at The Prudential Insurance Company of America would say that someone who is married and/or with dependents could qualify for life insurance in an amount between 10 and 30 times their income. This depends upon age (which generally correlates to the age of dependents, and the amount of time you are responsible for them). For example, a woman who is 50 years old or younger with a spouse or dependents could qualify for $1,000,000 of life insurance if she earns $50,000 a year or more. For a 30 year old, a $34,000 salary would qualify. Even without dependents or a spouse, a 30-year old woman making $67,000 or more would qualify for $1,000,000 of life insurance. Availability and rates will vary based on the satisfaction of underwriting criteria.

These estimations may not contemplate your worth if you own your own business. The amount could be far more in this case depending on business revenue streams and assets and how dependent the success of the business is on your skills. Evaluating someone’s worth would be difficult using rules of thumb, and everyone’s needs are different, but suffice it to say that you’re probably likely to place a lesser value on yourself than you should.

Many people are not particularly knowledgeable about financial products, and/or confident in their ability to achieve financial goals. However, if you have significant responsibilities in the home or in your business and people you care about, or if you are concerned about your financial future, consider engaging the services of a licensed financial professional to help you obtain the right insurance and financial products sooner rather than later. You ARE worth it!

0192032-00001-00, Ed 08/08/2014, Exp 01/02/2016

Provided courtesy of Prudential, Newark, NJ. For more information, contact Anne Marie Cooley, a Financial Professional Associate with The Prudential Insurance Company of America’s Brooklyn-Queens Agency | QBNY located in Queens, NY. She can be reached at anne.marie.cooley@prudential.com and (718) 674-7615

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