Assess Your Life Insurance Needs
If you died tomorrow, how much would your family need to stay on their feet? Add up debts, the income you would want to replace, and future costs, then subtract what you already have. The result is an estimate of the need to discuss, not a recommendation to buy a certain amount.
About these numbers
Uses a simple needs approach: debts plus income to replace plus future and final expenses, minus existing life insurance and available savings. Income replacement is annual income times years unless you enter a net return, in which case it is the present value of that income at that rate. Taxes, Social Security survivor benefits, and changes in income over time are not included. This is an estimate for discussion, not a recommendation of any policy or coverage amount. Life insurance costs and availability depend on age, health, and policy type; policies carry fees and charges, and guarantees depend on the issuing insurer’s ability to pay claims.
This calculator is a hypothetical illustration for educational purposes only. Results are based on the assumptions you enter and the method described above, may vary with each use and over time, do not reflect any specific investment or the deduction of fees or taxes unless stated, and are not a guarantee of future results. The tool does not consider every investment, account type, or strategy that may be available to you. It is not investment, tax, or legal advice. Investing involves risk, including possible loss of principal. 4:8 Financial does not provide tax or legal advice; please consult your CPA or attorney regarding your specific situation.
Have a question about this?
A calculator can only go so far. We are happy to walk through your real numbers with you, at no cost.