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Life Insurance Needs Calculator

How much life insurance do you need? If something were to happen to you, what would your spouse or other loved ones do financially? Could your family stay in their present home? Would they be able to continue to attend dance, soccer, and take vacations? Would your children be able to afford to go to college? Would your death bring bankruptcy to your family? While insurance needs vary from person to person, and there is no one exact formula that fits every person's situation, this simple calculator computes an estimate of the amount of life insurance you should have.¹

Some helpful tips for using the calculator:

• All fields are required fields. For all fields that do not apply, please enter the numeral "0"
• Enter only whole numbers with no symbol or decimal (ex: 15000 instead of $15,000)
• You may change the figures and recalculate. Correct the amount as needed, and click "Submit" again.
• The calculator provides a simple calculation only - it does not factor in the time value of money, nor do educational costs take inflation into consideration.

EXPENSES AND DEBT

Final Expenses:²
Mortgage Balance:
Credit Card Balances:
Automobile Loans:
Other Debt:

CHILD CARE AND EDUCATIONAL COSTS

Annual Child Care Cost (per child):³
Number of Children:
Number of Years Needed (per child):
Annual College Cost (per child):⁴
Number of Children:
Number of Years Needed (per child):

INCOME

Your Gross Annual Income:

(enter one annual income only, before taxes. If you receive income from more than one source, please enter the total of all sources)

Number of Years of Income Replacement Desired:

LIFE INSURANCE - CURRENT

Life Insurance Currently in Force:

1. This calculator is not intended to provide financial advice, nor is it a recommendation to purchase insurance from ASMBA or any other organization. It will, however, provide you with a general estimate of your life insurance needs based on the information you have provided. You should consult a Certified Financial Planner or other professional for a more detailed analysis of your financial needs.
2. Final expenses are typically calculated at $15,000. This includes uncovered medical costs, funeral expenses, and final settlement costs. However, depending on individual circumstances (medical expenses, a very large estate resulting in higher federal and state inheritance taxes, etc.) final expenses could be more than $15,000.
3. Annual cost for caring for children if the death of a non-working parent occurs.
4. Projected cost for tuition, room and board, books, meals, etc. If you are unsure, use $12,000 per year for State and $30,000 per year for Private colleges.