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Life Insurance Needs Calculator
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Life Insurance Needs Analysis Calculator |
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| How much life insurance is enough? |
The Consumer Federation of America (CFA, 1997) recommends 6 to 8 times your income for a married couple with children. While rules of thumb may be helpful, they do not take each individual's situation into consideration. This calculator provides a quick and simple method to estimate the amount of life insurance you will need.
This life insurance calculator should be used only as a guide and should not be considered a recommendation.
 Click here for more information about our life insurance needs calculator.
| If you died today, how much money would your family need to cover the following expenses? |
| IMMEDIATE INCOME NEEDS: |
| Funeral |
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| Estate Administration Expenses/Fees |
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Emergency Fund
(for an unexpected crisis, such as a major illness) |
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| Pay Off Mortgage |
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Pay Off Loans And Debt
(auto loans, credit card, personal loans, etc.) |
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| INCOME REPLACEMENT: |
Annual Income Replacement Needed:
(after tax; today's dollars) |
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| Number of Years of Income Is Needed |
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Annual Growth Rate of Insurance Fund
(after tax annual rate of return applied to the insurance fund that provides the replacement income) |
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Expected Inflation Rate
(long term historical inflation rate is about 4%) |
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| CHILDREN'S EDUCATION FUNDS: |
| Number of Children Requiring College Education Funding |
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| FUNDS AVAILABLE AT DEATH: |
Savings, CD's, Bonds, Mutual Funds, Stocks, Etc.
(non-retirement funds) |
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Retirement Funds
(if you want to leave these for your spouse at retirement, enter 0) |
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Current Life Insurance On Your Life
(not to be replaced) |
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| Other Liquid Assets |
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