Insurance Needs Through Life Worksheet Answers

Current Liquid Assets and Life Insurance. Income Replacement Dollar Amount 1.

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Life Insurance Needs Worksheet This worksheet has been designed to assist you with calculating your life insurance needs.

. Total income producing assets Add lines 9 10 and 11 13. Total annual income your family would need if you died today Amount your family needs before taxes to maintain their current standard of living. If you or your spouse die how much money will your family need to.

I backed out of my driveway and hit the car coming down the street. For example spouses earnings or a fixed pension1. Auto loans 16000 8.

Total living need per time p --TOTAL LIVING EXPENSES add line d for each period. Total 13000 Existing Debts 6. Quiz Worksheet Goals.

What your family needs before taxes to maintain its current standard of living Typically between 60 75 of total income. Easy Life Insurance Needs Analysis Determine Total Life Insurance Needs Enter Numbers Below 1 Enter Your Gross Annual Income 2 Cost Of Living Factor recommend 5 - 10 X or more depending on your situation 3 Remaining Mortgage Rent 4 College Funding 5 Your Funeral 6 Debt You Own Cosigned 7 Anything Else. Number of years in time pe d.

My neighbor injured his back while walking up my icy. A basic funeral without any extras should cost approximately 5000. In Table B NPV.

Financial resources needed after death 1. Before buying any insurance products you should consult with a qualified insurance professional for a more thorough analysis of your needs. Life insurance needed Subtract line 12 from line 8 Child 1 Child 2.

Or is your current policy the right type to meet your current needs. I backed out of my driveway and hit the car coming down the street. Figure out how much is best is to answer these few questions.

This calculator will help you determine what your life insurance needs are. Probate expenses 3000 3. How much life insurance you can get.

Or is your current life insurance enough. Life insurance needs Worksheet This worksheet can help you get a general sense of how much life insurance you need to protect your family. Monthly living expenses b.

Uninsured medical costs 0 5. It turned out that I should buy 380000 to cover my wife and our son and she should buy 290000 to cover our son and me. Some people who have life insurance through work may assume that will be plenty for their family to live on and that may be correct depending on your life stage.

Annual income your family would receive from other sources. Present amount of life insurance Including group insurance as well as insurance purchased on your own 12. Auto When you purchase the vehicle.

Total annual income your family would need if you died today What your family. Information you can expect to be tested on when using this assessment tool includes. Credit cards 8000 7.

Charity other funds etc Total Life Insurance. LIFE INSURANCE NEEDS ANALYSIS METHOD Insureds Name Step 1. Once we completed the worksheet it was a simple addition of 1 through 6 and subtract item 7.

Capital needed for college 2013-2014 average 4-year cost. Funeral expenses 10000 2. If you want your loved ones to splurge with lots of flowers limousines and the works that could easily ratchet the cost up to around 10000.

Live on each year 75 of current net income annually x years Pay for child care annually x years Provide for your childrens education annually x years. Estate taxes 0 4. Then enter annual living expenses your spouses annual income after taxes and annual Social Security benefits.

Insurance Needs Through Life Scenario Type of Insurance Needed When do you begin this insurance. Present amount of life insurance Total income producing assets Funeral and other final expenses Typically the greater of 15000 or 4 of your estate Mortgage and other outstanding debts Include mortgage balance credit card balance car loans etc. Spouse education fund b.

How much life insurance do you need. Determine your current need for life insurance. Determine what type of life insurance you need.

Total annual income your family would need if you died today. Come up with one more scenario and fill in the chart. First enter potential funeral costs and estate taxes.

Auto When you. Present amount of life insurance Including group insurance as well as insurance purchased on your own 12. A simple way to determine the amount of life insurance needed is to multiply your current income by 10 to 15.

I would strongly suggest getting your life insured before you become. LIFE INSURANCE NEEDS ANALYSIS WORKSHEET Aatif Akhtar Broker-Agent CA DOI Lic. Life insurance needed Subtract line 12 from line 8 Child 1 Child 2 Child 3 x x x Estimated 4-Year Cost Appropriate Factor in Table B NPV.

Assess your medical history and. Then include amounts needed for non-mortgage debt emergency expenses and college funds. Insurance Needs Throughout Life For each scenario determine the type of insurance needed and when this insurance should be purchased.

X x Estimated. Do you need term or permanentwhole life insurance. I fell off the ladder when I was putting up Christmas lights and tore the ligaments in my knee.

Scenario Type of Insurance Needed When do you begin this insurance. Annual living expenses and other nee Period 1 Period 2 a. Instructions for Life Insurance Needs Worksheet Final Expenses Line 1.

4-Year Cost Appropriate Factor. This amount is typically between 6070 of salary. Total income producing assets Add lines 9 10 and 11 13.

Is my current life insurance coverage enough.

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