How much life insurance do I need?

Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step usually requires the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short.
Age, Income and Assumptions
Current annual income ($) 
Spouse's annual income (if applicable) ($) 
Spouse's current age (if applicable) 
Spouse's desired retirement age (if applicable) 
Investment return (%) 
Anticipated inflation rate (%)help
Immediate Cash Needs
Funeral expenses ($) 
Final expenses ($) 
Mortgage balance ($) 
Other debts ($) 
Long-Term Income Needs
Desired annual income needs
(typically 70-80% of current combined income) ($)		 
Number of years income is needed 
College needs ($)help
Available Resources
Investment assets ($) 
Existing life insurance ($) 
Include social security benefits?help
Age of oldest child under 18 
Age of second child under 18 
Age of third child under 18 
Age of fourth child under 18 
Any rate of return entered into the calculator to project future values should be a reasonable average return for the period. Rates of return will vary over time, and generally the higher the rate of return the higher the degree of risk.

The information provided here is to assist you in planning for your future. The accuracy of this calculator and its applicability to your circumstances is not guaranteed. Any analysis is a result of the information you have provided. Material discussed is meant for general illustration and/or informational purposes only not indicative of a particular product, and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual advice from qualified professionals.

National Life Group is a trade name of National Life Insurance Company and its affiliates.

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