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:

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
(Total need equals Part 6 minus Parts 7 and 8)
_________ Total

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