How
much life insurance do you need?
How
much life insurance do you need? Enter your current assets,
expenses, income and let us determine how much life insurance
you need. You can also adjust the inflation rate and your
expected rate of return to see how these variables can
impact your insurance needs. Press the report button to
see a year by year breakdown of your families future income
and expenses.
Definitions
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Cash
and savings
Total you have in cash, checking accounts, savings accounts
or other accounts that can be used to help cover expenses
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Home
equity
Total amount of equity in your home that you are willing to
use toward your living expenses
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Investments
Total value of all investments that you are willing to use
toward your living expenses
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Other
Any other assets that you may be willing to sell or liquidate
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Estate
or inheritance taxes on assets
Percent taxes that are required to be paid on total assets
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Probate
costs
Probate costs cover a states legal fees for disbursing
the assets of the deceased. You may incur significant probate
costs, depending on your state of residence, even if you
have a will.
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Funeral
costs
All costs required to cover the cost of the funeral
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Uninsured
medical costs
Any medical costs that are not covered by your medical insurance.
Make sure to include any deductibles
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Debt
repayment
Credit card debt, auto loans, home equity loans, mortgages
or other debt that you wish to repay. Providing the ability
to repay these loans if you were to die can significantly
help your family meet its monthly living expenses
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College
fund for children
Amounts you wish to provide your surviving children
to cover future college expenses
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Spouse
income from work
Income expected from your spouse after your death. If
your spouse needs education or retraining, make user that
the starting year for this income provides adequate time
to complete
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Social
security survivor benefits
Depending on your work history, your family may qualify
for social security benefits.
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Living
expenses with children at home
Total monthly expenses while your children are living
at home. This should include all monthly expenses except
child care
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Living
expenses with children gone
Total monthly expenses after your children have left
home. This should include all monthly expenses
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Children's
college expenses
Monthly expenses for your children's college expenses.
If your children have not yet entered college, leave this
amount at zero and enter an amount in the college fund entry
fields in the total expenses at death section
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Retraining
and education for spouse
Monthly expenses expected to cover any cost of education
or retraining for your spouse to re-enter the workforce
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Other
expenses
Any other monthly expenses not included above
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Combined
federal and state tax rate
This is your effective tax rate. To calculate this rate
take your total income for last year divided by your total
federal and state taxes paid
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