Life Insurance Needs Calculator
This calculator will help you assess your life insurance needs.
Estimating For
You only
You & Spouse
Annual Gross Income ($)
Other Annual Family Income ($)
Outstanding Mortgage Balance ($)
Make Sure This Amount is Covered in the
Estimate of Insurance Needs For
You
Spouse
Both
Estimated Monthly Living Expenses ($)
Make Sure This Amount is Covered in the
Estimate of Insurance Needs For
You
Spouse
Both
Loan and Credit Debts ($)
Make Sure This Amount is Covered in the
Estimate of Insurance Needs For
You
Spouse
Both
Medical Costs, Probate & Funeral Expenses ($)
Other Debt ($)
Make Sure This Amount is Covered in the
Estimate of Insurance Needs For
You
Spouse
Both
Annual Inflation Rate
%
Estimate of Liquid Assets ($)
Estimate of Retirement Assets ($)
Total Existing Life Insurance Coverage ($)
Lifestyle Maintenance (Years)
Number of Children
0
1
2
3
4
Child Care Costs
Child 1
Child's Age
Additional Monthly Costs if Someone Dies ($)
How Many Years Will You Incur Those Costs?
Child 2
Child's Age
Additional Monthly Costs if Someone Dies ($)
How Many Years Will You Incur Those Costs?
Child 3
Child's Age
Additional Monthly Costs if Someone Dies ($)
How Many Years Will You Incur Those Costs?
?
Child 4
Child's Age
Additional Monthly Costs if Someone Dies ($)
How Many Years Will You Incur Those Costs?
Make Sure This Amount is Covered in the
Estimate of Insurance Needs For
You
Spouse
Both
Child 1
Annual College Costs (in today's dollars)
Number of Years in College
Child 2
Annual College Costs (in today's dollars)
Number of Years in College
Child 3
Annual College Costs (in today's dollars)
Number of Years in College
Child 4
Annual College Costs (in today's dollars)
Number of Years in College
Make Sure This Amount is Covered in the
Estimate of Insurance Needs For
You
Spouse
Both
Estimated Annual Increase in College Tuition
%
Here are Your Answers
Mortgage Balance
(Spouse)
Amount to Pay Monthly Bills for 6 Months
(Spouse)
Loans and Credit Cards
(Spouse)
Medical Costs, Probate & Funeral Expenses
Other Debt
(Spouse)
Total Debt
(Spouse)
Additional Monthly Childcare Costs
(Spouse)
College Costs
(Spouse)
Total Child Needs
(Spouse)
Amount of Cash Reserve Requested
(Spouse)
Total Protection Needed Before Considering Current Asstes
(Spouse)
Liquid Assets
(Spouse)
Retirement Assets
(Spouse)
Life Insurance Coverage Currently in Force
(Spouse)
Total Assets
(Spouse)
Recommended Amount of Additional Life Insurance Needed
(Spouse)