Life Insurance Needs

Life Insurance Needs Calculator

This calculator will help you assess your life insurance needs.

1. Estimating For You onlyYou & Spouse
3. Annual Gross Income ($)
4. Other Annual Family Income ($)
5. Outstanding Mortgage Balance ($)
   
   Make Sure This Amount is Covered in the
   Estimate of Insurance Needs For

   You Spouse Both

6. Estimated Monthly Living Expenses ($)
   
   Make Sure This Amount is Covered in the
   Estimate of Insurance Needs For

   You Spouse Both

7. Loan and Credit Debts ($)
   
   Make Sure This Amount is Covered in the
   Estimate of Insurance Needs For

   You Spouse Both

8. Medical Costs, Probate & Funeral Expenses ($)
9. Other Debt ($)
   
   Make Sure This Amount is Covered in the
   Estimate of Insurance Needs For

   You Spouse Both

10. Annual Inflation Rate %
11. Estimate of Liquid Assets ($)
13. Estimate of Retirement Assets ($)
14. Total Existing Life Insurance Coverage ($)
15. Lifestyle Maintenance (Years)
16. Number of Children 01234

Child Care Costs

• Make Sure This Amount is Covered in the
  Estimate of Insurance Needs For

  You Spouse Both

• Child 1

  • Annual College Costs (in today’s dollars)
  • Number of Years in College

  Child 2

  • Annual College Costs (in today’s dollars)
  • Number of Years in College

  Child 3

  • Annual College Costs (in today’s dollars)
  • Number of Years in College

  Child 4

  • Annual College Costs (in today’s dollars)
  • Number of Years in College
• Make Sure This Amount is Covered in the
  Estimate of Insurance Needs For

  You Spouse Both

• Estimated Annual Increase in College Tuition %

• Mortgage Balance
  (Spouse)
• Amount to Pay Monthly Bills for 6 Months
  (Spouse)
• Loans and Credit Cards
  (Spouse)
• Medical Costs, Probate & Funeral Expenses
• Other Debt
  (Spouse)
• Total Debt
  (Spouse)
• Additional Monthly Childcare Costs
  (Spouse)
• College Costs
  (Spouse)
• Total Child Needs
  (Spouse)
• Amount of Cash Reserve Requested
  (Spouse)
• Total Protection Needed Before Considering Current Asstes
  (Spouse)
• Liquid Assets
  (Spouse)
• Retirement Assets
  (Spouse)
• Life Insurance Coverage Currently in Force
  (Spouse)
• Total Assets
  (Spouse)
• Recommended Amount of Additional Life Insurance Needed
  (Spouse)