Estimate Life Insurance Needs

Every family has unique circumstances that can make it difficult to estimate needs. Take a few minutes to use this simple form and we can help you find the right amount to protect your loved ones.

Step 1: Income Needs

Estimate the income you will need to replace if you or your partner passed away.

 YouYour Spouse
Annual Income 
Income your family would need to replace if you or your partner passed away
$ $
Other Income $ $
Years Needed 
Number of years your beneficiaries would need the income support
Income to be replaced

Step 2: Major Expenses

Estimate major expenses you may leave behind or want to plan ahead for.

ImmediateYouYour Spouse
Final Expenses $ $
Mortgage $ $
Loans & Debts $ $
College Costs $ $

Step 3: Assets

 YouYour Spouse
Savings and Investments $ $
Existing Life Insurance $ $
 

Estimate

 YouYour Spouse
Total Expenses
Total Assets

 

Life Insurance Requirement 

 

Annual Income

A good rule of thumb is to enter between 70-80% of your total wages/salary.

Other Income

Include other sources of income you (or your dependents) may receive annually, including dividends, interest, social security and endowments.

Years Needed

Estimate the number of years your family would rely on your income until they are able to replace it on their own.

Final Expenses

According to the non-profit Life Foundation, Final expenses are 'Typically the greater of $15,000 or 4% of your estate. This would include uncovered medical costs, funeral expenses, and final estate settlement costs. Note: If your estate is over $1,500,000 your final expenses may be much higher due to federal and state estate or inheritance taxes.'

According to the Federal Trade Commission,'Funerals rank among the most expensive purchases many consumers will ever make. A traditional funeral, including a casket and vault, costs about $6,000, although 'extras' like flowers, obituary notices, acknowledgment cards or limousines can add thousands of dollars to the bottom line. Many funerals run well over $10,000.

Mortgage

Mortgage balance to be paid off.

Loans & Debts

Include credit card debt, car loans, home equity loans.

College Costs

2011-2012 average annual 'total' cost of a four-year education estimated by The College Board includes:

  • public in-state college: $17,131
  • public out-of-state college: $29,657
  • private college: $38,589 Costs include tuition, room, board, books and supplies, transportation, and other expenses for a resident.
  • The College Costs numbers are the 2011-2012 national average for a four year college or university. College costs are indexed at 8.3%.

 

Savings and Investments

Include other real-estate, retirement plans, investments or inheritance.

Existing Life Insurance

Include any additional insurance.

Life Insurance Needed

Here is your personal estimate of how much life insurance coverage you and/or your spouse may need (in addition to any existing insurance).