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How Much Life Insurance Coverage do you Need?

Many consumer consultants use a Rule of Thumb of 8 to 10 times your annual income for the amount of insurance an individual should have to protect their loved ones. If you have lots of debt, business obligations, or several children, that recommended amount can go as high as 12 to 15 times your annual income. Or, for a more precise determination, use the Needs Calculator provided below.

National Society of Agents for Consumer Education Life Insurance Coverage Needed Calculator

 
Step 1. Evaluate Your Income and Assets
What is your current income?

$

How many years will your spouse need your annual income?

 

Current investment income (Rental Properties, Dividends, Annuities, etc.)

$

Existing liquid assets - All assets that can be turned into cash within 3 months
(We recommend you not liquidate retirement accounts due to tax penalties)

$

The amount of your existing life insurance coverage:

$


Step 2. Evaluate Your Debts and Expenses
Outstanding mortgage balance:

$

Outstanding loans:

$

Final expenses: (Medical, Funeral, Taxes)

$


Step 3. Evaluate Your Child Support College Expenses
*We suggest an average annual tuition cost of $15,000 - $20,000 per year
Child: Monthly child cost: Years child will require support: College expenses:
1

$

years
2 $ years
3 $ years
4 $ years
5 $ years

Additional Recommended Life Insurance: