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Term Life, Whole Life Insurance

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Step #1 calculator picture

Evaluate Your Income and Assets

What is your current annual income? How many years will your spouse need your annual income?Current investment income (Bank Interests,Stock Dividends, Income from Real Estate, Pension or other sources) Existing liquid assets--- (Cash, Stocks, Bonds, or any asset that can be turned into cash within 3 months *(Retirement accounts should be a last resort since there will be taxes and possible penalties if they are withdrawn).

How much existing life insurance coverage do you have?



 Step #1
What is your current annual income? $
How many years will your spouse need your annual income?

Other annual income sources
(Bank Interest, Rental Properties, Dividends, Annuities, etc.)
$

Existing liquid assets - All assets that can be turned into cash within 3 months (We recommend you not liquidate retirement accounts due to tax penalties) $

The amount of your existing life insurance coverage. (If you have any) $


Step #2 calculator picture

Evaluate Your Debts and Expenses

What is your outstanding mortgage balance or monthly payment? Your outstanding loans (including credit card debt)? How much is needed for final expenses: (Medical, Funeral, Taxes, Emergency Fund)?

 Step #2: Evaluate Your Debts and Expenses
Outstanding mortgage balance: $
Outstanding loans: $
Final expenses:( Medical,Funeral, Taxes) $


Step #3 calculator picture
Evaluate Your Child Support and College
Expenses. Things to consider:


How many years do you expect each child to be dependent on you for support? Can you estimate your children´s monthly health and dental insurance costs? Does any child have special needs (health, educational)? What is the estimated cost of college each child is most likely to attend? (state, private, technical) 

 Step #3
Child: Monthly
child cost:
Years child will
require support:
College
expenses:
1 $ years
2 $ years
3 $ years
4 $ years
5 $ years

Step #4 calculator picture

Total
Amount of Life Insurance Needed: $


"The Insurance Needs Calculator is provided as a tool to help you estimate coverage that typically would be needed based on the information you input. Be sure and reduce the total coverage amount of existing insurance that you plan to retain. Please see your professional advisor for an exact estimate of your needs. Be aware that you may be entitled to social security benefits. Information derived from this calculator is by no means intended to be a substitute for professionally prepared financial plan."

*Rates for other classifications vary.





  Companies you Can Trust slogan
Follow the Company logos to the right for Term Life Insurance quotes Company details.

United of Omaha Company Logo
United of Omaha
Life Insurance

Midland National Life insurance Company Logo
Midland National Life
Insurance Company

Pacific Life Insurance Company logo
Pacific Life
Insurance Company

Transamerica Company Logo
Transamerica Occidental Life
Insurance Company

Aig Ameican General Company Logo
American General Life
Insurance Company
Genworth financial Company Logo
Genworth Life
and Annuity

MetLife Company Logo
Metropolitan Life
Insurance Company
 
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