Katz Insurance Group

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Life Insurance Coverage Calculator

How Much Life Insurance Do You Need?

Many consumer consultants use a Rule of Thumb of 8 to 10 times your annual income for the amount of insurance an individual should have to protect their loved ones. If you have lots of debt, business obligations, or several children, that recommended amount can go as high as 12 to 15 times your annual income. Or, for a more precise determination, use the Needs Calculator provided below.

National Society of Agents for Consumer Education Life Insurance Coverage Calculator

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Step
1. Evaluate Your Income and Assets
What is your current income? $
How many years will your spouse need your annual income?  
Current investment income (Rental
Properties, Dividends, Annuities, etc.)		 $
Existing liquid assets – All assets
that can be turned into cash within 3 months(We recommend you not liquidate retirement
accounts due to tax penalties)		 $
The amount of your existing life insurance
coverage:		 $

Step 2. Evaluate Your Debts and
Expenses
Outstanding mortgage balance: $
Outstanding loans: $
Final expenses: (Medical, Funeral,
Taxes)		 $

Step 3. Evaluate Your Child
Support College Expenses
*We suggest an average annual tuition cost of
$15,000 – $20,000 per year
Child: Monthly child
cost:		 Years child will
require support:		 College
expenses:
1

$

years
2 $ years
3 $ years
4 $ years
5 $ years
Additional Recommended Life Insurance:

Attention: This website is operated by Virginia Medical Plans|a OneDigital Company, and is not the Health Insurance Marketplace website. In offering this website, Virginia Medical Plans|a OneDigital Company is required to comply with all applicable federal laws, including the standards established under 45 CFR 155.220(c) and (d) and standards established under 45 CFR 155.260 to protect the privacy and security of personally identifiable information. This website may not display all data on Qualified Health Plans being offered in your state through the Health Insurance Marketplace website. To see all available data on Qualified Health Plan options in your state, go to the Health Insurance Marketplace website at healthcare.gov.

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