How Much Life Insurance?

How Much Life Insurance Do I Need?

Here is a simple worksheet to get an estimate.

Final expenses

Funeral, plot and marker $_________

Doctor and hospital bills $_________

Debt liquidation $_________

Estate settlement costs(estimate 5 percent) $_________

Total $_____________________

Readjustment fund

This income will allow your family to adjust

gradually to a new standard of living. $_____________________

Mortgage-free home

Today’s 35-year-old is 19 times more likely to die within the next 30 years than lose his or her home to fire or another disaster.

Length of mortgage________ years $_____________________

Emergency fund

Cash may be needed for:

  • Hospital or doctor bills
  • Home repairs
  • Necessary trips, taxes, etc. $______________________

Education fund

Average yearly costs for tuition, room and board (The College Board Annual Survey of Colleges, 1998)

Public universities $7,505

Private universities $17,420

Public junior colleges (tuition and fees, only) $1,587

Private junior colleges $12,063

Family income

Money to provide the necessities

Annual Family needs $__________

Special needs $__________

(Special education for children, assistance for dependent parents)

Income From Social Security $__________

Spousal income $__________

Balance needed $__________ income for _____ years = $_________________

Summary of needs if you die

Total amount at risk $________________

Existing coverage – $________________

Amount needed $____________________

Summary of needs if you live

Retirement at age____

Income goal $_________

Social Security $_________

Pension $_________

Other sources $_________

Total per month $_________

Once you come up with an amount a combination of Term Life Insurance and Permanent Life Insurance can achieve your goals.

Please call us or email us for a free quote or if you have any questions. 817-925-0924

We help individuals with their annuities, and term and whole life insurance needs in the North Texas area including the cities Burleson, Fort Worth, Crowley, Arlington, Pantego, Dalworthington Gardens, Benbrook, Lake Worth, Azle, Grapevine, Southlake, Keller, Hurst, Euless, Bedford, and Mansfield.


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