Life Insurance Needs Calculator
Just how much life insurance will you need to provide adequately for your family?
Use this calculator to determine the size of policy your spouse needs to carry. That is, use this calculator from the point of view of how much money you will need today from your spouse's policy should you lose their income.
To help you in completing the form, consider that your life insurance needs are determined from these these basic components:
- Determing your immediate cash needs for outstanding bills, mortgages, holding a funeral, etc.
- Determing your future income needs. If you won't have enough income after things like spousal or government benefits you will need to,
- Determine the amount of money required to create an annuity for yourself that will 'top-up' your annual income.
- Subtract from all your current and future cash needs any cash you already have on hand.