This calculator will give you an idea of the amount of insurance you might need to protect and provide for your survivors.
Total liability and cash needs +
$
Amount of income needed by your survivors
$
Total capital required to meet your cash and income needs
$
- Total assets
$
Total capital required to meet your cash and income needs
$
(include lawyer fees and any final taxes owing at death)
(deduct any existing creditor life insurance on that mortgage)
(credit cards, lines of credit, bills)
(as an estimate use $10,000 to $15,000 a year per child, less any current education savings)
(funds need to cover any unplanned events)
(as an estimate use 60% to 70% of your current annual income)
(as an estimate you can use the number of years until your children become independent or the number of years to retirement)
