| Expenses
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| Living expenses - Determine how much money your family will need per month to live life
as they do now. Adjust this number up or down to account for things such as
diminished expenses in your absence, additional child care expenses in your absence, health care coverage that will dissappear should you die, etc.
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| Funeral expenses - Funeral and other expenses typically run between $4,000 and $10,000.
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| Estate administration expenses - Your spouse will be
charged perhaps 5% of your family's net worth to handle the estate.
Multiply your net worth by 5% to determine administration expenses.
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| Taxes - If your net assets total more than $600,000, your spouse will possibly
have to pay up to 40% in taxes on it. You may want to see an estate lawyer to
ameliorate this expense, but account for it here.
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| Mortgage and other loan payoffs - It would make life much easier
for your family if all debts were erased.
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| College expenses - If you plan to send your children
to college, enter $25,000 for each child for state college or $75,000 per
child for private college. Be sure to multiply by the number of children.
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| Other expenses - Enter any other expenses you may wish to cover,
such as emergencies, in today's dollars.
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| Income
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| Spouse's Income - Enter your spouse's annual income after taxes. You may
want for your spouse to be able to stop working in the event of your death, and
if that is the case enter zero here.
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| Social Security Income - Enter the amount of money your spouse
will receive from Social Security. Social security benefits are paid immediately
if you have children under
age 18 and they remain in school. You may call the social security administration to get an exact reading
based on your contributions and number of children. If you have children
and want to enter a
rough but fairly accurate number use $20,000. If you do not have children enter
0.
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| Other Income - Enter the total annual income your spouse
will receive from any other sources.
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| Other Information
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| Years of social security - Enter the number of years until
your youngest child reaches age 18. If you have no children enter 0 here.
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| Spouse's age - Enter your spouse's age.
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| Existing Life Insurance - Enter the value of any existing life
insurance policies you have.
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| Click this button to calculate the total amount of life
insurance you need.
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| Total Life Insurance - This is the total amount of life insurance you need.
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| Get a Free Quote Today! |
