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Life Insurance Need Calculator

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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.

Income Protection
Your Gross Annual Income*
Please enter a number from 0 to 100000000.
Spouse's Gross Annual Income*
Please enter a number from 0 to 100000000.
Total Household Income
Mortgage and Debt Protection
Home Mortgage Balance ($)
This includes home equity lines of credit (HELOC)
Please enter a number from 0 to 100000000.
How Many Years Remaining to Payoff Mortgage?*
Please enter a number from 1 to 30.
Credit Card Debt Balance ($)
Please enter a number from 0 to 100000000.
Student Loan Balance ($)
Please enter a number from 0 to 100000000.
Other Debts ($)
Include any outstanding auto loans, personal loans, other financed items, etc.
Please enter a number from 0 to 100000000.

Future Education Protection
We assume a 5% rate of return, which will match an estimated cost of education inflation rate of 5%. Your life insurance protection should match each year of expected education cost in today's dollars. For example, two kids ages 8 and 12 will attend a public university in the future which costs $35,000 per year in today's dollars. Life insurance protection need would be 4-years tuition per child x $35,000 per year ($280,000 for both children). An active college savings strategy should already be in place.
Type of Education*
- Public $35,000 per year
- Private $65,000 per year
- They would be responsible for their own education costs
Current College Savings ($)
This amount can be from a 529 plan or savings account already established. This amount will be deducted from your college education protection estimate.
Please enter a number from 0 to 100000000.

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.
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10080 N. Wolfe Rd.
Suite SW3-200
Cupertino, CA 95014
408.359.5758
support@somersetagency.com
CA Lic. 0H91219