Life insurance needs calculator | Protective Life

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Basic personal information

Date of birth (mm/dd/yyyy)*

State*

Gender*

Immediate and future funds needs

Mortgage balance||What is the remaining balance on your current home mortgage loan(s)?

Amount needed to pay off debts||What is the payoff on outstanding credit cards or loans, including home equity, car loans or student loan debt?

Income

Years of income replacement needed||How many more years of income will your beneficiaries need? Consider things such as how many years until your youngest child graduates college or until your planned retirement.

Annual income replacement*||How much money would you need to replace your annual income? Do not include spouse income or retirement (401k/IRAs).

Amount of additional funds needed*||Any additional money you want to give beneficiaries or a charity as a one-time gift. (Ex: $10,000 lump sum donation to charity or $30,000 to fund a trust for a child.)

Children and college

Number of children going to college*||The number of children for whom you will pay college tuition.

Child 1 age*:

Child 2 age*:

Child 3 age*:

Child 4 age*:

Child 5 age*:

Child 6 age*:

Child 7 age*:

Child 8 age*:

Child 9 age*:

Child 10 age*:

Preferred category of college*:

Available funds

Accessible savings and investments||What is the total amount in your savings and investments that your family could access without penalty? Do not include 401(k) or IRAs.

Total existing life insurance coverage||If you have any individual life insurance policies currently, include the benefit amount here. Do not include any workplace life insurance in this amount.

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Determine the right amount of life insurance for you

This article points out key questions to consider when trying to determine how much life insurance you need and provides a needs analysis calculator to assist.