Life Insurance Calculator



How much life insurance should you have?
Use this simple calculator1 to help determine an appropriate amount for you. Then give us a call to see just how affordable term and permanent protection can be!

See Tips for Data Entry below for help in filling out the calculator.

Instructions:
1) Enter only non-formatted whole numbers (no decimal figures) (e.g. enter 43000 rather than $43,000)
2 ) Sub totals are automatically updated so as you tab to the next field just tab right through the sub total fields. If you accidently
change a sub total value, the correct value will repopulate when you leave the field.
3) Click the “Calculate Total” button to finish applying all dollar amounts you entered and to create the final “Life Insurance Needed” total.
4) You can change the figures and recalculate. Correct amount(s) as needed and click “Calculate Total” again.
5) Contact us for a more detailed analysis and for all of your life insurance needs.

Final Expenses
Medical and Hospital Costs
Funeral Expenses2
Estate Administration3
Final Expenses Sub Total $
Debt Repayment
Mortgage Balance
Credit Cards
Car Loans
Other Debt
Debt Repayment Sub Total $
Child Care / Education
Yearly Child Care Cost4
Number Of Years
Child Care Sub Total
Yearly College Cost5
Number Of Years
College Sub Total
Child Care / Education Sub Total $
Annual Living Expenses
Yearly Survivor Income6
Food
Clothing
Utilities
Home/Auto Maintenance
Property Taxes
Routine Medical Expenses
Insurance Premiums
Entertainment
Furniture
Vehicle Replacement
Living Sub Total For One Year
Number of Years Needed
Annual Living Expenses Sub Total $
Current Assets
Current life insurance
Checking and Savings
Other Liquid Assets
Current Assets Sub Total $
_____________________
Life Insurance Needed7: $
You can start to determine the need for additional life insurance with this form. To be sure you are not caught in a bad position when it is too late to do anything about it, it is important to have a full, detailed needs review that takes all factors into account (e.g. time value of money is not factored in here). Contact us for that review and to see just how affordable term and permanent protection can be!
Tips for Data Entry:

1 Simple calculation only – time value of money is not factored in. Please contact us for more extensive help in your needs analysis.

2 Funeral Expenses average $10,000 total.

3 Estate Administration is often a percent of the estate value (5% is average for many cases)

4 Child care costs may include nanny / daycare if death of a non-working parent occurs

5 Educational costs do not account for inflation. Contact us for more detailed educational cost estimates as needed

6 Survivor income should generally be a percent of current income – 65 – 75% is a common average. How long the income should last is an important component in an effective needs analysis. Please contact us for a more detailed approach to preparing for survivor income.

7 The ‘life insurance needed” total is based on the dollar amount of input values. Contact us for more information!