Life Insurance Needs Calculator
Step #1 - Loans & Liabilities. Enter your total debt. (House, cars, credit cards, etc)
Step #2 - Enter your current salary.
Step #3 - Enter the age of your youngest child. If no children put enter "18".
Step #4 - Enter Final Expense (Average cost of a funeral in NC right now is $16,000. I would round this up to $20K - $25K)
Step #5 - Enter estimated college expenses for children. (If no kids, eneter "0")
Public tuiton = $10,000 per year (x4 years)
Private tuition = $30,000 per year (x4 years)
Step #6 - Enter current life insurance in force.
Step #7 - If the Total Life Insurance Need is more than $0...click here to schedule a life insurance review with Steve.
Step #2 - Enter your current salary.
Step #3 - Enter the age of your youngest child. If no children put enter "18".
Step #4 - Enter Final Expense (Average cost of a funeral in NC right now is $16,000. I would round this up to $20K - $25K)
Step #5 - Enter estimated college expenses for children. (If no kids, eneter "0")
Public tuiton = $10,000 per year (x4 years)
Private tuition = $30,000 per year (x4 years)
Step #6 - Enter current life insurance in force.
Step #7 - If the Total Life Insurance Need is more than $0...click here to schedule a life insurance review with Steve.
Life Insurance Needs Calculator
| Category | Insured | Spouse |
|---|---|---|
| Loans & Liabilities | ||
| Current Annual Salary | ||
| Age of Youngest Child | ||
| Income Replacement | $0 | $0 |
| Final Expense | ||
| Educational Needs | ||
| Subtotal | $0 | $0 |
| Current In-force Life Insurance | ||
| Total Life Insurance Need | $0 | $0 |
Income Replacement = (18 - Age of Youngest Child) × Annual Salary
