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Life Insurance Calculator

How Much Insurance Do You Need?

Follow the example and apply your personal information in the third column.

SAMPLE

Your
Information

Monthly
Income Needed

Enter
the estimated amount your family would need every month to maintain
their standard of living.

Example
:  
$10,000

Combined
Federal & State Tax Rate

Enter
combined federal & state tax rate expressed as a decimal ( e.g. 40 %
=0.40

Example:
0.40

Capital
Needed
Monthly

(monthly
income/ 1-  tax rate)

Example:
$ 16,666

Capital
Needed
Annually

(monthly
capital x12 )

Example:
$200,000

Rate
of Investment Return

Enter
estimated rate of return expressed as a decimal rate (e.g. 8% =0.08)

Example:
0.08

Capital
Needed to Provide Annual Income

(
Annual needed Capital/ rate of investment return)

Example:
$2,500,000

Other
Expenses

Enter
combined total of all your other debts and future expenses( e.g., car
loan, student loan, credit card debt, child’s college tuition, final
expense or wedding)

Example:
$     50,000

How
much Capital do you Have?

(Add
all your assets)

Example:
$    500,000

Life
Insurance Coverage Estimate

Add
Annual Income + other Expenses – assets

Example:
$ 2,050,000

Below find some helpful tools, to determine your retirement income needs:

Retirement Income Calculator:

Determine the amount you would need to save over time in order to withdraw a specific monthly amount throughout retirement. Use below link.

https://www.allianzlife.com/retirement-and-planning-tools/retirement-income-calculator

https://www.allianzlife.com/retirement-and-planning-tools/retirement-income-calculator

My Social Security Income:

Go to the Social Security website and research what your estimated social security income will be.

https://www.ssa.gov/myaccount/

College Calculator:

Use this helpfull tool to determine how much you may need to save for college and find a savings option to fit your needs.

https://www.fidelity.com/misc/college-savings/college_savings.html