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.
- 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.
- 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:
- Estimated insurance need: {estimatedInsurance109}
- Get a life insurance quote now!