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Insurance Information :: Life Insurance Calculator


How much Life Insurance is enough?

Annual Living Expenses/Loan Protection
This is a estimate of your Life Insurance needs
 
Input
Total
1. ANNUAL LIVING EXPENSES $  
  Multiple by five x 5 $0
2. LOAN PROTECTION
  List Outstanding Debt
  Home $  
  Auto(s) $  
  Operating Loan(s) $  
  Long Term Loan(s) $  
  Credit Card Debt $  
  Other $ $0
3. DEPENDENT COVERAGE / COLLEGE FUND
  Cost of college per child (enter est. annual cost multipled by no. of yrs) $  
  Number of childred to educate $0
4. TOTAL INSURANCE IN FORCE
  Current life insurance $  
  Note: This current life insurance amount will be subtracted to determine need...   $0
5. TOTAL LIFE INSURANCE RECOMMENDED
  The sum of items 1-3, less current life insurance (item 4)   $0
6. Option: Consideration for Liquid Assets
  Assets not intended for a specific purpose or expendable nonliquid assets $
7. Optional Life Insurance Amount Considering Liquidated Assets
  Total life insurance recommended (item 5) less liquid assets (item 6)   $0

Description

  1. Annual Living Expenses
    • Protects the surviving spouse and maintains the family's current lifestyle.
    • Recommended insurance amount is five times the family's annual living expenses.
  2. Loan Protection
    • Reduces or pays off debt. This prevents debt from decreasing your other life insurance that is intended to cover living expenses.
  3. Dependent Coverage
    • Recommended insurance amount for each dependent's college education, choose one:
      • One times the annual household salary
      • For Public Tuition: $10,000 per year, Private Tuition: $20,000 per year

 
   
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