Life Insurance Need Calculator Step 1 of 4 25% 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. Income ProtectionYour 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 IncomeMortgage and Debt ProtectionHome 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 ProtectionWe 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 NeedIncome ProtectionDebts 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 ProtectionCollege 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 ProtectionFuneral 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 NeedSpouse's Calculated NeedIncome ProtectionDebts 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 ProtectionFor 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 NeedsRequest Life Insurance Quote by EmailTo receive a customized proposal by email, please confirm your email address below and click SUBMIT.Email* Enter Email Confirm Email PhonePlease provide your best contact phone number if you would like to schedule an appointment to review life insurance needs by phone or in-office.CommentsThis field is for validation purposes and should be left unchanged.
