Life Insurance Needs Estimator Tool

Short-term needs Amount
Final expenses
(Medical, hospital, and funeral expenses, attorney fees, taxes. Advice: The National Funeral Directors Association says the average funeral in the United States costs approximately $7,500.)
$
Outstanding debts
(Credit card balances, auto and school loans, home equity loans, outstanding bills.)
$
Emergency expenses
(Repairs to home or car, or medical emergencies. Advice: Set aside three to six months' worth of total living expenses.)
$
Long-term needs
Housing payment fund
(Advice: Leave enough money to pay off entire mortgage or rental payments for 10 years. A 3.2 percent annual increase is factored into rental payments.)

Choose one:
Monthly mortgage payment: $ for years
or
Mortgage balance (if you choose to pay it all off at once): $
or
Monthly rent payment: $ for years

Education Fund
(2009/2010 average annual college costs, room and board included: $7,020 for four-year public; $26,273 for four-year private; and $2,544 for two-year public, according to The College Board. A 5 percent annual cost increase is factored into this calculation.)
Child #1
Two-year private college
Two-year public college
Four-year private college
Four-year public college
$ Current annual college cost including room and board
Years until child goes to college
Child #2
Two-year private college
Two-year public college
Four-year private college
Four-year public college
$ Current annual college cost including room and board
Years until child goes to college
Child #3
Two-year private college
Two-year public college
Four-year private college
Four-year public college
$ Current annual college cost including room and board
Years until child goes to college
Child #4
Two-year private college
Two-year public college
Four-year private college
Four-year public college
$ Current annual college cost including room and board
Years until child goes to college
Family maintenance fund
(This should include such costs as child care, food, clothing, utility bills, entertainment, travel, insurance, and transportation. This formula adjusts for a 3.5 percent annual inflation rate.)
Monthly amount: $
You want to provide this income for years.
Assets
Current assets
(Savings, stocks, bonds, mutual funds, and other life insurance. Do not include any money you or your spouse have put aside for retirement, such as funds in a 401(k) or IRA.)
$

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