How much life insurance do you need?

This calculator helps you figure out your current needs for life insurance death benefits in case you die some time this year. You may need to use this calculator every year to recalculate your life insurance needs because most likely your life insurance needs will change year after year as your children grow up and your financial conditions change.

Please Note: There is no guarantee that these assumptions will meet the conditions of everyone.

Expected Average Future Rate of Return From Your Investments:

Immediate Obligations and Death Expenses

Funeral Expenses (average shoule be around $5000 to $6000)

$

Immediate Home and Car Mortgage Payment (next 5 months)

$

Total Family Expenses within 4 Months of Your death
(because spouse can't work for a few months; business can't be run for a few months, etc)

$

Medical Bill Immediately Due After Your Death

$

Attorney's and Estate Executor's Fee

$

Other Immediate Debt Payment (credit cards and bills)

$

Long-Term Debt and Obligations

Unpaid Value of Home Mortgage Loan (the real estate property used by your family)	$
Unpaid Value of Car Loan	$
Other Long-term Debts (other bank loans, private business debt, etc)	$

Medium/Long-Term Family Expenses

Spouse's age
Spouse's spending per year	$
Number of Years Before Child #1 Becomes Independent
Child #1's spending per year (average for the future years)	$
Number of Years Before Child #2 Becomes Independent
Child #2's spending per year (average for the future years)	$
Number of Years Before Child #3 Becomes Independent
Child #3's spending per year (average for the future years)	$
Number of Years Before Child #4 Becomes Independent
Child #4's spending per year (average for the future years)	$
Number of Years Before Child #5 Becomes Independent
Child #5's spending per year (average for the future years)	$

Liquid Assets

Checking Accounts	$
Savings Accounts	$
Money Market Funds	$
Corporate and Government Bonds	$

Fixed/Non-Liquid Assets

Do Not Include the House and Cars that your family members are currently using.

CDs	$
Current Value of Stock Options (actual market value of stocks - execution value of stocks)	$
IRA, 401k, 403b or other retirement accounts	$
Value of Houses and Land Not Used by Your Family Members (less any unpaid mortage)	$
Value of Other Assets (business assets, jewelry, paintings loan to other people etc)	$

Post-Death Family Income

After-tax Income Brought in by Your Spouse Before the Spouse Retires	$/year
Yearly After-tax Retirement Income from Social Security or Pensions for Your Spouse	$/year

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