Life Insurance Needs Worksheet

We know it's not the most exciting thing in the world, but life insurance is a critical part of your financial plan. Not only does having the appropriate coverage give you the peace of mind that your loved ones will be provided for if something happens to you, but it also gives them peace of mind, too! That's why it's one of the most important financial transactions you'll ever make. We designed our Life Insurance Needs worksheet to make it easy for you. Just plug in your numbers to help determine how much insurance coverage you need without overspending.


A.Annual family living costs $
B.Sources of income: $
Spouse $
Investment income $
Social Security benefits from company plans $
Income from life insurance proceed $
Total: $
C.Additional income needed:  
Subtract B from A to determine shortfall $
D.Insurance needs for shortfall:  
Assuming an interest rate of 5% $
Assuming an interest rate of 6% $
Assuming an interest rate of 7% $
Assuming an interest rate of 8% $
E.Additional cash requirements:  
Funeral expenses $
Loans and debts that should be paid $
Education expenses $
For children $
Total: $
F.Needed insurance death benefit:  
Add D and E
Total:		 $

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