Life Insurance, Annuity and Disability Calculator: Life Insurance Analysis
Advice Corner
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Comprehensive Life Insurance Calculator
How much life insurance do you need?
This comprehensive
life insurance calculator
includes detailed net worth analysis, budgeting and college savings to help you decide how much life insurance you might need. You can also adjust the inflation rate and your expected rate of return to see how these variables can impact your insurance needs.
Comprehensive Life Insurance Calculator - Definitions
Years for insurance income to last - Number of years your spouse will need to use your life insurance proceeds to provide for living expenses and income.
Existing life insurance - Total amount of life insurance coverage you currently have for yourself.
Inflation rate - This is the rate that you expect your expenses and income to rise. Your total expenses and earned income are increased by this rate for each year you require income.
Return on investments (after tax) - The annual percentage rate you expect to earn on your savings.
Home - Current value of your home. This should be as close as possible to the actual market value of your home.
Other real-estate - The value of any other real-estate you may own. Include second homes, undeveloped land, rental property or any commercial buildings you may have an interest in.
Automobiles - This is the total value of all automobiles that you own. Do not include any leased vehicles.
Other personal property - The value of other assets. This might include items such as furniture, home electronics, silverware, etc.
Registered retirement accounts - The current total balance of your registered retirement accounts -- term deposits, mutual funds, RRIFs, Employer Pension Plans, 401k retirement, annuities, etc.
Bonds - If you own any Treasury, municipal, or commercial bonds enter the total here.
Stocks - If you own any individual stocks, enter the total here.
Mutual funds - If you own any mutual funds, enter the total here.
Guaranteed Investment Certificates - If you own any Guaranteed Investment Certificates enter the total here.
Checking and savings - The current total balance of your checking and savings accounts.
Other investment assets - If you have any other investment assets of value, you can enter the total here.
Home mortgage principal - This is the current principal balance remaining on your mortgage loan. This is the amount that you would have to pay to own your home free and clear.
Other mortgage principal - This is the current principal balance for any other real-estate mortgages you may have. This includes mortgages on rental property, undeveloped land, commercial property or any other real-estate.
Auto loans - Total amount you currently have outstanding on your auto loans.
Student loans - Total amount, if any, that you currently owe in student loans.
Credit card debt - Your total credit card debt.
Other loans - Total amount, if any, of any other loans you may have.
Taxes on assets - Estate taxes are required to be paid upon your death.
Probate costs - Probate costs cover legal fees for disbursing the assets of the deceased.
Funeral costs - All costs required to cover the cost of the funeral.
Current age of children - Current age of your children. This life insurance calculator is based on each child beginning their college education at age 18.
Annual tuition and books - Current estimated cost of one year of tuition and books.
Living expenses - Current estimated cost of one year living expenses.
Surviving spouse's monthly income - Input your income from your pay check. Click on the button "Income Calculator" to enter the details of your surviving spouse's pay check and any deductions.
Monthly living expenses - This is the total of all of your monthly expenses. Click on the button "Living Expenses Calculator" to enter your monthly expenses. This includes your expenses for housing, insurance, loan payments, utilities, and other miscellaneous items.
Users wishing to make informed personal finance decisions can take advantage of the many finance calculator, including car financing calculator, CD calculator, and line of credit calculator. Additionally, business users can use the commercial loan calculator, or any of the many calculators financial or mortgage loan calculator available on CalculatorPlus.
Annuties - Fixed Annuity and Variable Annuity