Calculate Your Insurance Needs with Insurance Central Needs Calculator

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How much coverage

How much coverage do you need in order to protect your family should you die prematurely? Will they have the funds they need to cover final expenses and immediate obligations? And how will they cover their ongoing expenses into the future? The answer is different for each family, but these calculators can give you a general idea of the amount of coverage you should have to protect your family. Your individual experience may vary. To discuss your insurance needs in detail, please call the number above.

Click here to bypass the Needs Calculator and go directly to running a quote.

QuickCalc: The QuickCalc provides a quick, general estimate based on your annual income. As a rule of thumb, experts recommend you have coverage of at least five to seven times your annual income. For a more detailed needs analysis, you may use the Needs Calculator.

Needs Calculator: The Needs Calculator allows you to compare the policy beneficiary's estimated future expenses to their estimated income in order to calculate the amount of coverage needed to make up the shortfall. In order to run the calculator, you'll need to estimate how many years you expect your survivor to outlive you. To use the Needs Calculator, enter your estimated yearly costs and indicate the number of years you need to cover.

Annual Expenditures

Years

1. Policy Beneficiary's Living Expenses
With dependents:
Without dependents:

Groceries, clothing, utilities, gasoline, insurance, travel, charitable contributions, etc.

2. Education Expenses
Child 1:
Child 2:
Child 3:
Child 4:

Pre- and post- secondary school expenses per child. Current average college tuition: public - $10,000 per year; private - $20,000 per year. Also, consider other substantial expenses: books, room & board, etc.

3. Policy Beneficiary's Debt
Home loan:
Car loan(s):
Home equity loan:
Credit cards:
Other debt:

Estimate the amount needed to pay off each of these debts, as applicable.

4. Final Needs Expenses
Funeral:
Medical:
Probate:

Funeral expenses (typically $5,000 to $7,000). Medical expenses not covered by insurance (typically $5,000). Probate or administrative expenses (typically 5% of estate value).

5. Policy Beneficiary's Income and Benefits
Annual income:
Social Security:
Other retirement:
Life Insurance Coverage:

Beneficiary's annual after-tax wages and investment income. Annual Social Security benefits. Other annual retirement or pension income. Your current life insurance coverage (only if kept in force).

The calculator does not take into account inflation (currently estimated at 3%- 4% per year) or other factors that affect your future needs, which you may want to discuss with an Insurance Central Licensed Representative.

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