Calculate My Life Insurance Needs Need help to determine the amount of coverage needed to protect your family? This simple-to-use calculator is designed to help you step through the process LIFE INSURANCE NEEDS ANALYZER Part I: Family Income Replacement FAMILY INCOME Your Gross Income? Spouse's Gross Income? Other Gross Income? Total Gross Income INCOME TO BE REPLACED How much income will your family need to live comfortably? (Typically 80% of your gross income) % Total Replacement Income Needed Available Income (spouse's income, social security, etc) Net Replacement Income Needed Expected Rate of Return (5%) Assets needed to produce Net Replacement Income AVAILABLE INVESTIBLE FAMILY ASSETS Savings? (Typically 80% of your gross income) Investment Portfolio? Current Life Insurance? Other Assets? Total Available Investable Family Assets Life Insurance Needed for Income Replacement Part II: Debt, College, and Other Funding Needed Debt Repayment Mortgage? Auto Loan? Consumer Debt? Other Debt? Total Debt College Funding In its most recent survey of college pricing, the College Board reports that a moderate college budget for an in-state college for the 2012-2013 academic year averaged $22,261. A moderate budget at a private college averaged $43,289. The college inflation rate runs between 4 to 6 percent for both public and private colleges. If we assume a rate of return of between 4 and 6 percent and average the two tuitions to $32,775, we can then calculate the average 4 year college lump sum cost for each child to be $131,100. No. of kids? 0 1 2 3 4 5 6 Total cost of sending your child/children to college Other Expenses Funeral (typical cost of a funeral is approx. $5,000? Special Bequests? Other Expenses? Total Expenses Total Insurance Needed Income Replacement Insurance Needed (Part I) Total Additional Expenses (Part II) Total Life Insurance Needed