How Much Life Insurance Do I Need?

Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family.  This step usually requires the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short.
     
  Age, Income and Assumptions

Input
  Your current age
  Your spouse's current age
  Current annual income
  Spouse's annual income
  Spouse's desired retirement age
  Investment return: (%)
  Anticipated inflation rate: (%)
  Immediate Cash Needs

  Funeral expenses
  Final expenses
  Mortgage balance
  Other debts
  Long-Term Income Needs

  Desired income needs
  Number of years income is needed
College needs
  Available Resources

  Investment assets
  Existing life insurance
Include social security benefits? No   Yes
  Age of oldest child under 18
  Age of second child under 18
  Age of third child under 18
  Age of fourth child under 18
     
 

Any rate of return entered into the calculator to project future values should be a reasonable average return for the period. Rates of return will vary over time, and generally the higher the rate of return the higher the degree of risk.

The information provided here is to assist you in planning for your future. The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Any analysis is a result of the information you have provided. Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please not that individual situations can vary. Therefore, the information should be relied upon when coordianted with individual advice from qualified professionals.