STEP ONE: What would your family's needs be when you
die?
|
|
|
| A:
Final expenses |
| Final medical and hospital cost |
$___________ |
| Funeral Attorney/executor fees |
$___________ |
| Probate costs |
$___________ |
| |
|
Total Needed
(Estimate 30-50% of your annual
income for "Total Needed." Individuals with a
large estate should consult with a tax specialist
regarding estate taxes.) |
$___________ |
| B:
Emergency Fund |
| Major home repairs |
$___________ |
| Auto Repairs |
$___________ |
| Medical emergencies |
$___________ |
Total Needed
(Estimate 30-50% of your annual income
for "Total Needed.") |
$___________ |
| C:
Children's education fund |
__________________X_____________
Total cost of degree # of
children
Total Needed |
$___________ |
| (As an estimate, the average annual
cost of tuition for a 4 year, in-state public university
is approximately $3,000, and $17,000 for a private
university. Current average room and board cost are
$5,000 per year. Books and other fees should be included
as well.) |
|
| D:
Mortgage |
| Mortgage Balance |
$___________ |
| E:
Debt repayment |
| Auto loans |
$___________ |
| Home equity loans |
$___________ |
| Credit Card Balances |
$___________ |
| Other |
$___________ |
| Total Needed |
$___________ |
| F:
Annual dependent/home care expenses |
| Care for dependent |
$___________ |
| Home maintenance |
$___________ |
| Food/Clothing |
$___________ |
Annual Amount
(Estimate 30-50% of your annual
income for "Annual Amount") |
$___________ |
______________X_______________
Annual Amount # of
years to continue support
Total Needed
|
$___________ |
| Total needed from sections A-F |
$___________ |
| |
STEP TWO: What are your existing liquid assets and
life insurance policies?
|
Life insurance
(including group life policy) |
$___________ |
| Cash and savings accounts |
$___________ |
| Other liquid assets |
$___________ |
| Total available liquid assets and
insurance |
$___________ |
| |
STEP THREE: Calculate the amount of additional life
insurance you need.
|
| Total cash needs from STEP ONE (section
A-F) |
$___________ |
| Minus total available liquid assets and
existing life Insurance from STEP TWO |
$___________ |
| Additional life insurance needed |
$___________ |
| |
|
|
Life
Insurance Quote
|
