How much Life Insurance Do You Need?

You will have to account for your funeral expenses, monthly expenses, education, etc. Do you have a working spouse? Age and Number of Children also play a factor is assessing your needs. Everyone’s needs will vary, but a general calculator is as follows:

One Time Expenses

Funeral Costs +
Mortgage Balance +
Other Debts +
College Fund +
Special Needs +                  Total one time expenses             

Monthly Expenses

Current Annual Living Expenses less
Surviving spouses income less
Social Security Survivorship Benefits = Expenses shortfall

Take the Annual Expenses Shortfall times the number of
Years needed (children grown, graduation, etc.) =

Total needed to meet expense shortfall