Calculate Your Life Insurance Needs

Life Insurance Needs

Existing
Coverage
Assets &
Income
Liabilities
& Expenses
Coverage
Needed
Itemized Investments
Total

Itemized Non-Income Assets
Total

Itemized Monthly Expenses
Total

Itemized Liabilities
Total liabilities

Itemized Death Expenses
Other

The purpose of life insurance is to replace your income in case you die so that the family that you are leaving behind can maintain their current lifestyle. How much you need is best decided by working with a qualified financial planner. Things to include your current assets and investments. How much do you currently have saved and how much earning power will be available for supporting your family in your absence? Compare that amount to your anticipated liabilities and expenses. Moreover, don't forget to include items such as college tuition for your children or paying off your mortgage, in addition to your standard living expenses.