How Much Life Insurance Do You Need

How Much Life Insurance Do You Need?
InsuranceNebraska.org

This quick tool is designed to estimate your life insurance needs based on your familys information. Special situations such as business ownership or unusual family situations may require additional planning.
Watch on for an example.

Enter Your Information In The Blue Boxes
Monthly Income Needed For My Spouse & Family If I Am Gone - To Replace Lost Income Years (from today) The Additional Income Will Be Needed Amount To Pay Off The Mortgage (If you want to pay off the mortgage) Years Left on Mortgage Mortgage Interest Rate Amount To Pay Off My Other Debts (Credit cards, school loans, car loans, etc) Years Until Debts Will Be Paid Off Amount To Set Aside For College For My Children Life Insurance To Accomplish Your Goals Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 Year 30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Enter your numbers in the blue boxes.
Years Until My Children Will Complete College

Final Expenses (Funeral Cost & Emergency Fund For My Spouse)
Year 35
Year 40
$0.00
$0.00

Monthly Income Needed For My Spouse & Family If I Am Gone - To Replace Lost Income Years (from today) The Additional Income Will Be Needed Amount To Pay Off The Mortgage (If you want to pay off the mortgage) Years Left on Mortgage Mortgage Interest Rate Amount To Pay Off My Other Debts (Credit cards, school loans, car loans, etc) Years Until Debts Will Be Paid Off Amount To Set Aside For College For My Children Years Until My Children Will Complete College Final Expenses (Funeral Cost & Emergency Fund For My Spouse) $2,000 16 Life Insurance To Accomplish Your Goals Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 $384,000.00 $288,000.00 $168,000.00 $48,000.00 $0.00 $0.00
Year 30
Year 35 Year 40
$0.00
$0.00 $0.00
Enter the additional monthly income your spouse and family would need if your income is lost because you are gone.

Monthly Income Needed For My Spouse & Family If I Am Gone - To Replace Lost Income Years (from today) The Additional Income Will Be Needed Amount To Pay Off The Mortgage (If you want to pay off the mortgage) Years Left on Mortgage Mortgage Interest Rate Amount To Pay Off My Other Debts (Credit cards, school loans, car loans, etc) Years Until Debts Will Be Paid Off $2,000 16 $75,000 19 6.80% Life Insurance To Accomplish Your Goals Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 Year 30 Year 35 $459,000.00 $348,664.84 $211,355.69 $67,060.56 $0.00 $0.00 $0.00 $0.00
Enter your mortgage balance and the terms of your mortgage.
Amount To Set Aside For College For My Children

Years Until My Children Will Complete College Final Expenses (Funeral Cost & Emergency Fund For My Spouse)
Year 40
$0.00

Monthly Income Needed For My Spouse & Family If I Am Gone - To Replace Lost Income Years (from today) The Additional Income Will Be Needed Amount To Pay Off The Mortgage (If you want to pay off the mortgage) Years Left on Mortgage Mortgage Interest Rate Amount To Pay Off My Other Debts (Credit cards, school loans, car loans, etc) Years Until Debts Will Be Paid Off $2,000 16 $75,000 19 6.80% $14,000 5 Life Insurance To Accomplish Your Goals Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 Year 30 Year 35 $473,000.00 $362,664.84 $211,355.69 $67,060.56 $0.00 $0.00 $0.00 $0.00
Enter other debts to pay off if you dont make it home tonight.
Amount To Set Aside For College For My Children

Years Until My Children Will Complete College Final Expenses (Funeral Cost & Emergency Fund For My Spouse)
Year 40
$0.00

Monthly Income Needed For My Spouse & Family If I Am Gone - To Replace Lost Income Years (from today) The Additional Income Will Be Needed Amount To Pay Off The Mortgage (If you want to pay off the mortgage) Years Left on Mortgage Mortgage Interest Rate Amount To Pay Off My Other Debts (Credit cards, school loans, car loans, etc) Years Until Debts Will Be Paid Off Amount To Set Aside For College For My Children Years Until My Children Will Complete College Final Expenses (Funeral Cost & Emergency Fund For My Spouse) $2,000 16 $75,000 19 6.80% $14,000 5 Life Insurance To Accomplish Your Goals Year 1 Year 5 Year 10 Year 15 Year 20 Year 25 $497,000.00 $386,664.84 $235,355.69 $67,060.56 $0.00 $0.00
$24,000
12
Year 30
Year 35 Year 40
$0.00
$0.00 $0.00
Enter the amount to set aside for your childrens education costs.

Monthly Income Needed For My Spouse & Family If I Am Gone - To Replace Lost Income Years (from today) The Additional Income Will Be Needed Amount To Pay Off The Mortgage (If you want to pay off the mortgage) Years Left on Mortgage Mortgage Interest Rate Amount To Pay Off My Other Debts (Credit cards, school loans, car loans, etc) $2,000 16 $75,000 19 6.80% $14,000 Life Insurance To Accomplish Your Goals Year 1 Year 5 Year 10 Year 15 Year 20 $512,000.00 $401,664.84 $250,355.69 $82,060.56 $15,000.00
Years Until Debts Will Be Paid Off

Amount To Set Aside For College For My Children Years Until My Children Will Complete College Final Expenses (Funeral Cost & Emergency Fund For My Spouse)
5
$24,000 12 $15,000
Year 25
Year 30 Year 35 Year 40
$15,000.00
$15,000.00 $15,000.00 $15,000.00
You get a year by year estimate of the life insurance needed to fulfill your goals.
Add the amount for final expense costs.

$600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0
Life Insurance Needed To Meet Your Goals
10
20 Years
30
40
50
You also get a visual presentation of your life insurance needs.
This chart is a tool to estimate the size and duration of your need for life insurance based on your input. Enter data and make changes until you are comfortable. Your life insurance needs should be reviewed on a regular basis. The chart was designed with the typical family needs in mind. Special circumstances such as business ownership or unusual family situations may require additional planning. Policy issue is subject to underwriting and may vary depending on health, family history, tobacco use, and other underwriting factors. Please see company illustrations for complete information on any proposed life insurance. Consult a professional advisor before purchasing life insurance.

How Much Life Insurance Do You Need

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How Much Life Insurance Do You Need

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How Much Life Insurance Do You Need?