How Much Insurance Do You Need?

How Much Insurance Do You Need?
We can help you figure out how much life insurance you may need to cover your expenses, your debts and your family's future financial needs.

A note about Social Security
Although results are estimates and will vary, this calculator and the output could help you in discussions about your life insurance needs. To the extent that you or your beneficiaries are eligible for Social Security benefits, those benefits have not been included in this analysis. Social Security benefits, if available, will somewhat reduce the need for life insurance. For a more accurate and detailed analysis, contact a professional life insurance agent.

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FUTURE NEEDS: Consider what your family will need in the event of your unexpected death
Outstanding debt
Mortgage, loans, credit cards, etc.
Mortgage balance
Car loan(s)
Student loan(s)
Credit cards
Other debt
Estimate:
Education fund
Tuition expenses
If you have children now (or plan to), life insurance can help cover their future education costs.
Number of children
Years of college per child
Tuition cost per child
Average tuition and fees for one child.
- 4-year private college: $31,231/yr.
- 4-year public college: $9,139/yr.
- 2-year public college: $3,347/yr.
(collegeboard.org 10/2014)
Estimate:
Final expenses
Burial and outstanding medical bills
Final expenses include any costs associated with your funeral, burial or outstanding medical bills.
Funeral expenses
Average Cost: $7,181 (nfda.org 07/30/15)
Burial expenses
Average Cost: $1,327 (nfda.org 07/30/15)
Expected medical expenses
Intensive care, hospice or nursing home
Estimate:
Ongoing financial needs
Daily expenses, food and bills
If you want life insurance benefits to help replace your income, take into account the number of years your family will continue to need it.
Your annual income
Number of years your family will receive your annual income
Consider replacing your income for the number of years until your children are independent or your spouse retires.
Estimate:
CURRENT RESOURCES: Consider your current financial resources
Liquid assets
Cash, CDs, investments, retirement and savings accounts
Liquid assets can reduce the amount of insurance that you need.
Cash
Savings/Money market account(s)
Retirement account(s)
Other investments
Estimate
Other life insurance policies
Include group life insurance through an employer
Estimated insurance need before comparison:
1 Estimated insurance need:
Estimated insurance need:
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