Life Insurance Coverage Calculator
The majority of Americans are woefully underinsured and, even worse, overpaying for the life insurance they have. In response, MyInsuranceQuotes.com has developed a Life Insurance Needs Calculator that should help you estimate the amount of coverage your family requires given your unique circumstances and needs.
Please answer the questions below to the best of your ability and then click the "Calculate" button at the bottom to get an estimate of your life insurance coverage level needs. From there you can request a quote for that coverage amount.
Part
1: Covering Final Expenses
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| |
Funeral Expenses
This expense is, of course, very subjective to
both the wishes and tastes of your family and any
provisions you yourself may have made prior to
dying. According to statistics kept by the funeral
industry, current costs average $10,000. |
| Please
select your estimated funeral expenses: |
$
.00 |
| |
Mortgage
Most monthly mortgage statements provide a "pay-off
amount, which includes the remainder of the principal
and interest due. If you have your statement handy,
please enter the number below. If not, please estimate.
You should plan on carrying enough life insurance
to allow your family to burn the mortgage |
| Please
enter your mortgage pay-off amount: |
$
.00 |
| |
Loans and Debts
This number should include debts outside of the
mortgage- credit cards, automobiles, personal loans
etc...If you already carry a form of insurance that
covers a given debt, do not include that number in
your total. |
| Please
enter your total estimated debt: |
$
.00 |
| |
Day to Day Expenses
Groceries, gasoline, clothing and other items
which your family consumes as a matter of course.
It is safe to assume that you will need to provide
for at least several months of these expenses while
your family adjusts to life without you. |
| Enter
your estimated day to day expenses for several months: |
$
.00 |
| |
Children's Education
$10,000 per child per year is typical for college
education |
| Enter
total estimated education expenses: |
$
.00 |
| |
Income Taxes
Federal income taxes are collected for income
earned the year of your death. |
| Enter
total estimated education expenses: |
$
.00 |
| |
Rainy Day Fund
Most financial planners recommend that you have
an amount equal to six months worth of salary set
aside to handle unforeseen events. |
| Enter your "rainy
day" amount according to your current income: |
$
.00 |
| |
Part 2: Continued Standard of Living Guide |
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Annual Income
After your death, how much annual income do you
wish to provide for your family. 70% of current
income is typically selected |
| $
.00 |
| |
| Numbers of years you
would like this income to be provided. Perhaps until
your spouse retires or your children are independent. |
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Interest Rate |
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Part 3: What You Currently Have In Place |
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Existing Insurance
Mortgage insurance, life insurance |
| $
.00 |
| |
Liquid Assets
Cash, investments |
| $
.00 |
| |
Company and
Government Benefits
Pensions and other sposored benefits |
| $
.00 |
| |
Other
Income producing assets. |
| $
.00 |
| |
|
Your estimated life insurance insurance amount:
$
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