Your life insurance needs

You can find your ideal life insurance policy amount by calculating your long-term financial obligations and then subtracting your assets. The remainder is the gap that life insurance should fill. Fill out the form below to get a good idea of how much life insurance you need.

Cash needs

Estimate all of your outstanding debts except mortgages. You should include credit card debts, car loans, student loans and personal loans.

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Your home may be your family's largest asset, but also their largest financial responsibility. Include enough to pay off all your outstanding mortgages.

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This amount should include possible medical expenses, funeral expenses and any final estate settlement costs.

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Enter any expenses that don't fit into one of the other fields. This could be a project you want to fund or money for your favorite charity.

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Education needs

Education can be very expensive. The table below reflects the 2017-18 average tuition costs according to the College Board. They estimate that these costs will continue to rise about 6% per year.

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Public, 2-years in-state $11,970
Public, 4-years in-state $20,770
Public, 4-years out-of-state $36,420
Private, 4-years $46,950

Income needs

Estimate how much income your family needs to live comfortably after your debts and mortgages are paid off, minus any other income sources like your spouse's income, Social Security benefits, retirement income and investments. This is typically 60-75% of your current household income.

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Existing assets

Include any individual policies, group or work insurance and any other insurance that is payable to your family.

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Include any money you have in bank accounts, money markets, mutual funds, bonds, stocks and any other liquid assets (except retirement funds).

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Include your IRAs, 401(k)s, work pensions and any other retirement plans that you have.

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Include the value of any larger assets that you could easily liquidate.

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Your Results

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