Life Insurance Needs Calculator

Use this calculator to determine the proper amount of life insurance you need, in order to allow your family to retain their 'standard of living' should you no longer be there for them. The calculator will first solve for the amount of life insurance needed in order to pay lump sum debts and expenses that you specify at your death. These expenses include your mortgage, any specific debts/loans, final expenses, etc.

Next, the calculator will solve for the 'income replacement' needs of your surviving spouse and family for the period of time you desire. In addition, you may also factor into the calculation educational funds for your children's college education and/or any child support obligations.

Enter numeric values only, do not enter dollar or percent signs, commas, etc.

Income
Current TOTAL annual household income: $
Percent of current annual income needed by surviving spouse: (80% recommended) %
Years income will be needed by surviving spouse: yrs.
Surviving spouses annual income: $
Current annual income from income producing assets: $
Existing Life Insurance: $
NET after tax annual rate of return that can be safely achieved   (example 5%) : %
Liabilities
Existing Mortgage (should you desire to pay it off at death): $
Debts that you would like to pay off at death : $
Final Expenses ($15,000 minimally recommended): $
Total College Expenses (in today's dollars): $
Child Support obligations: $
How does the surviving spouse want the income paid:
 

 

Calculators are to be used for estimate purposes only and are not a substitute for professional advise.

 


 

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