Life | Somerset Insurance Solutions

Life Insurance Need Calculator

Step 1 of 4

Let's Get Started!
First Name*
Date of Birth*
Month
Day
Year
Current Status*
- Single
- Married
Spouse's First Name*
Spouse's Date of Birth*
Month
Day
Year
Number of Dependent Children*
Under the age of 18
- None
- 1
- 2
- 3
- 4
- 5
Current Age of First Child*
Please enter a number from 1 to 18.
Current Age of Second Child*
Please enter a number from 1 to 18.
Current Age of Third Child*
Please enter a number from 1 to 18.
Current Age of Fourth Child*
Please enter a number from 1 to 18.
Current Age of Fifth Child*
Please enter a number from 1 to 18.

Your Calculated Need
Income Protection
Debts will have been paid off from life insurance and your spouse likely will only need 50% of your income to maintain accustomed lifestyle. To generate a lifetime income stream we assume a 5% rate of return. Sample calculation, current annual income divided in half, then divided by 5% to determine amount of life insurance for income replacement is needed.
Mortgage and Debt Protection
College Education Protection (Public)
College Education Protection (Private)
Childcare Protection (one child)
For each child under the age of 18, we assume $2,000 per month per child. This is the value of a stay-at-home parent. A surviving spouse will likely need additional help to transport children to-and-from school and after-school programs.
Childcare Protection (two children)
For each child under the age of 18, we assume $2,000 per month per child. This is the value of a stay-at-home parent. A surviving spouse will likely need additional help to transport children to-and-from school and after-school programs.
Childcare Protection (three children)
For each child under the age of 18, we assume $2,000 per month per child. This is the value of a stay-at-home parent. A surviving spouse will likely need additional help to transport children to-and-from school and after-school programs.
Childcare Protection (four children)
For each child under the age of 18, we assume $2,000 per month per child. This is the value of a stay-at-home parent. A surviving spouse will likely need additional help to transport children to-and-from school and after-school programs.
Childcare Protection (five children)
For each child under the age of 18, we assume $2,000 per month per child. This is the value of a stay-at-home parent. A surviving spouse will likely need additional help to transport children to-and-from school and after-school programs.
Final Expense Protection
Funeral cost estimates can range from $10,000-$30,000. Your loved ones should not have to be concerned with this expense.
Total Life Insurance Protection You Need
Spouse's Calculated Need
Income Protection
Debts will have been paid off from life insurance and your spouse likely will only need 50% of your income to maintain accustomed lifestyle. To generate a lifetime income stream we assume a 5% rate of return. Sample calculation, current annual income divided in half, then divided by 5% to determine amount of life insurance for income replacement is needed.
Mortgage and Debt Protection*
College Education Protection (Public)*
College Education Protection (Private)*
Childcare Protection
For each child under the age of 18, we assume $2,000 per month per child. This is the value of a stay-at-home parent. A surviving spouse or designated guardian(s) will need additional help to transport children to-and-from school and after-school programs.
Final Expense Protection*
Funeral cost estimates can range from $10,000-$30,000. Your loved ones should not have to be concerned with this expense.
Total Life Insurance Protection Spouse Needs
Request Life Insurance Quote by Email
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Email*
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Phone
Please provide your best contact phone number if you would like to schedule an appointment to review life insurance needs by phone or in-office.
Comments
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Life Insurance Need Calculator

Step 1 of 4

Let's Get Started!

Income Protection

Mortgage and Debt Protection

Future Education Protection

Your Calculated Need

Spouse's Calculated Need

Request Life Insurance Quote by Email