Life Insurance Calculator
Life Insurance Needs Estimator The Value of All You Do| Income Needs | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Annual income your family would need if something were to suddenly happen to you  | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual income available to your family from other sources | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual income to be replaced | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Number of years for which funds would be needed to provide income:
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$ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Funeral expenses, emergency fund | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage and other debt | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
College costs Show College Calculator
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$ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Value of All You Do: Calculate the cost of daily activities | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Capital Required | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Savings and investments | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement savings | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Present amount of life insurance | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total of all assets | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated amount of additional life insurance needed | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1. Select the number of years you expect to provide child-related and other services.
2. Make further adjustments based on your situation. The default numbers for hours per week and hourly rate are based on national averages.
| Services | Hours/Week | Hourly Rate | Est. Weekly Cost | Years | Est. Total Cost |
|---|---|---|---|---|---|
| Child-Related Services | Select expected number of years: | ||||
| Child Care | $0 | $0 | |||
| Driving Family Members | $0 | $0 | |||
| Tutoring / Home Schooling | $0 | $0 | |||
| Other Services | Select expected number of years: | ||||
| Housekeeping / Home Mgmt. | $0 | $0 | |||
| Food Preparation | $0 | $0 | |||
| Bookkeeping | $0 | $0 | |||
| Yard Care & Maintenance | $0 | $0 | |||
| Home Maintenance & Repair | $0 | $0 | |||
| Care of Parent / Relative | $0 | $0 | |||
| $0 | $0 | ||||
| $0 | $0 | ||||
| Total Estimated Costs | $0 | ||||
| This is how much life insurance you would need to cover these services | $0 | ||||
Annual income your family would need if something were to suddenly happen to you
Enter a number that's between 60 - 80% of total income depending on how much you think you'll need. Include all salaries, dividends, interest, and any other sources of income.
Annual income available to your family from other sources
Enter a number that includes dividends, interest, spouse's earnings, and Social Security.
Annual income to be replaced
This value represents the difference between Line 1 (Annual income your family would need if something were to suddenly happen to you) and Line 2 (Annual income available to your family from other sources).
Number of years for which funds would be needed to provide income
This value represents the number of years for which funds would be needed. Inflation is assumed to be 3%. College costs are indexed at 6%. The rate of return on investments is assumed to be 6% after tax. The return is purely hypothetical and is used for illustrative purposes only. Performance results are not indicative of any particular investment. Actual results and investment risks will vary.
Funeral expenses, emergency fund
Funeral expenses can run well over $10,000, according to the Federal Trade Commission (June 2000; www.ftc.gov).
Mortgage and other debt
Include mortgage balance, credit card debt, car loans, home equity loans, etc.
College costs
2005-2006 average annual cost of a four-year education: Public college: $15,566, private college: $31,916. Source: The College Board, Trends in College Pricing 2005. Costs include tuition, room, board, books and supplies, transportation, and other expenses. College costs are indexed at 6%.
Total capital required
This value represents the sum of factored replacement income, funeral expenses, mortgage and other debt, college costs, and The Value of All You Do.
Savings and investments
Bank accounts, CDs, stocks, bonds, mutual funds, real estate, and rental property, etc. The rate of return on investments is assumed to be 6% after tax. The return is purely hypothetical and is used for illustrative purposes only. Performance results are not indicative of any particular investment. Actual results and investment risks will vary.
Retirement savings
IRAs, 401(k) plans, SEPs, pension and profit-sharing plans. The rate of return on investments is assumed to be 6% after tax. The return is purely hypothetical and is used for illustrative purposes only. Performance results are not indicative of any particular investment. Actual results and investment risks will vary.
Present amount of life insurance
Include group insurance and personal insurance purchased on your own.
Total of all assets
This value represents the sum of savings and investments, retirement savings, and the present amount of life insurance.
Estimated amount of additional life insurance needed
This value represents total capital required less the total of all assets.