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.