First Hawaiian Bank

How Much Do I Need?

Take a 5-Minute Test

The amount of life insurance will vary depending on your personal and family situation. In general, life insurance needs are created whenever you have a change in life events such as a marriage, starting a family or business, or retirement. To determine how much life insurance you really need take this simple test and it’ll help you to develop a solid foundation for financial plan.

Life Insurance Needs Analysis:

Expense
Helpful Hints
Estimated Amount
  1. Income Replacement
(Experts recommend 5 - 10 times your annual income)
_________
  1. Mortgage/Rent
(Mortgage balance or Annual Rent to retirement)
_________
  1. Educational Fund
(Number of children x annual tuition x years of education)
_________
  1. Emergency Fund
(25-50% of your annual income)
_________
  1. Final Expenses
(Funeral expenses cost approximately $10,000)
_________
  1. Cash Needs
(Add parts 1 thru 5) Subtotal
_________
  1. Less Liquid Assets
(Cash, savings, checking, retirement funds, annuities investments, existing life insurance policies, etc.)
_________
  1. Less Other Assets
(Value of your home, business, real estate and other property less any liabilities)
_________
  1. Estimated Life Insurance
    Needs
(Total need equals Part 6 minus Parts 7 and 8)
_________ Total

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