The following calculations can help evaluate financial need to protect your family considering expenses, debt and how to mitigate the risk by carefully planning the life insurance and investments.
| Total life need | $0.00 |
| Liabilities | $0.00 |
| Income replacement | $0.00 |
| Final expenses | $0.00 |
| Education | $0.00 |
| Current coverage & assets | $0.00 |
| Life insurance | $0.00 |
| Other investments | $0.00 |
How much would your family need for ongoing living expenses if they could no longer rely on your income? How long would they need the income - until your spouse reaches retirement? Until the children graduate college?
Final expenses can include medical expenses, short-term living expenses for your family (including emergency savings) and funeral costs. If you need a starting point, we recommend estimating $15,000.
Are there any future education expenses you'd like to cover, such as college or private school tuition for your children or grandchildren? If so, reduce this amount with dedicated education savings.
Final expenses can include medical expenses, short-term living expenses for your family (including emergency savings) and funeral costs. If you need a starting point, we recommend estimating $15,000.
Because life insurance coverage needs vary from person to person, there is no single calculation that can determine how much life insurance someone needs. Instead, consider how extensive you need coverage to be and get estimations with the life insurance calculator.
Multiplying your income by 10 is a good place to begin calculating your life insurance needs, though this rule of thumb doesn't work for everyone. Consult a financial advisor if you want help determining how much life insurance coverage you need.
All adults should strongly consider getting life insurance. The type of life insurance and the coverage you choose may vary by age.