The DIME Method
Apr 19, 2017
"Shanghai has taken a series of tough measures to curb population growth since 2014, including renovating urban villages and regulating group renting," Zhou Haiwang, an expert with the Shanghai Academy of Social Sciences, told the Global Times.
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Debt: Add up any of their outstanding debts and future funeral expenses.
Income: Figure out how many years their family would need financial support. Take that number and multiply it by their income. We prefer this method because the rule of 10 can be limiting. Some families would require financial support for longer than 10 years. This way, you are customizing their coverage based on their family's specific needs.
Mortgage: Add the amount they still owe on their mortgage.
Education: Calculate the amount of money it would cost to provide their children with higher education. Keep in mind, this doesn’t just mean tuition. Do not forget to include cost of books, housing, and meal plans.