Saturday, August 30, 2008
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Life Insurance Needs Estimator
Quick Calculator
The Quick Calculator will provide you with an estimate of the amount of life insurance needed to replace a deceased wage earner's income. If you need a more precise calculation, please scroll down to the
Advanced Calculator
.
Enter the annual replacement income that will be needed if the insured dies prematurely (before taxes).
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
$60,000
$65,000
$70,000
$75,000
$80,000
$85,000
$90,000
$95,000
$100,000
$110,000
$120,000
$130,000
$140,000
$150,000
$160,000
$170,000
$180,000
$190,000
$200,000
$225,000
$250,000
$275,000
$300,000
$325,000
$350,000
$375,000
$400,000
$425,000
$450,000
$475,000
$500,000
$750,000
$1,000,000
Enter the number of years the replacement income will be needed by dependents/beneficiaries.
5 Years
10 Years
15 Years
20 Years
25 Years
30 Years
35 Years
40 Years
Please estimate the average annual interest rate you can earn on the invested life insurance proceeds.
4%
5%
6%
7%
8%
9%
10%
12%
Enter your estimate of the average annual inflation rate.
(The average rate for the last 10 years has been approximately 3%)
2%
3%
4%
5%
6%
7%
8%
Click on
Calculate
to estimate the amount of life insurance needed to replace a deceased's lost annual income:
Advanced Calculator
Step 1. Examine Your Income & Assets
Your current income:
$
How many years will your spouse need your annual income?
1 Year
2 Years
3 Years
4 Years
5 Years
6 Years
7 Years
8 Years
9 Years
10 Years
15 Years
20 Years
25 Years
30 Years
Current investment income (Rentals, Dividends, Annuities, etc.)
$
Existing liquid (quickly convertible to cash) assets (we suggest keeping your retirement accounts for tax reasons)
$
The amount of your existing life insurance coverage:
$
Step 2. Examine Your Debts and Expenses
Outstanding mortgage balance:
$
Outstanding loans:
$
Final expenses: (Medical, Funeral, Taxes)
$
Step 3. Examine Your Child Support and College Expenses
Enter information for your children
Child
Monthly Cost
Support Period
College Cost
1
$
years
2
$
years
3
$
years
4
$
years
5
$
years
Recommended Additional Life Insurance:
Related Topics:
How Much Insurance Do I Need?
Insurance Considerations for
Families with Kids
Families without Kids
Single Parent Families
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