This Life Insurance Planning Tool is designed to determine an amount of Life Insurance coverage that would provide a replacement for your current income, offset for inflation on a yearly basis, as well as provide a lump sum, similar to a retirement fund, at your spouse's retirement age.This is a guide only and should be used as the starting point for a discussion of life, disability, and long term care planning.

Enter your GROSS earned income, including adjustments for hidden costs of employer benefits such as employer-paid health
and disability insurance, 401[k], etc.

$_____________________

DIVIDE YOUR GROSS INCOME BY 3,000 =

 

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[units]

Multiply the number of units, rounded to the next number, by 100,000
THIS FIGURE REPRESENTS YOUR NEED FOR LIFE INSURANCE

$_____________________

EXAMPLE: You have an adjusted gross income of $45,000 a year. Dividing your income by 3,000 gives you 15 units; multiplying 15 units by 100,000 will equal $1.5 million in insurable need.

This face amount will, based on an average return on investment of 8%, provide inflation adjusted replacement of gross income as well as an inflation adjusted lump sum equal to the original face amount in purchasing power, providing for retirement needs for a surviving spouse.

life insurance

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