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Life Insurance Calculator

How much Life Insurance do you need?

Life Insurance is a policy that everybody should have. Nobody wants to face their own mortality, but it is important to prepare for the inevitable. If you are young you may think you have plenty of time to think about life insurance, but the truth is you could get into an accident tomorrow. If that were to happen what would happen to your loved ones?

Another thing to consider is what would happen if you were diagnosed with a terminal illness? If that were to happen you would probably be unable to get coverage and provide for your family after you have gone. The question you should ask yourself is not do I need life insurance but how much do I need?

Estimate your Life Insurance coverage requirements

Answer the following simple questions to get an estimate of how much life insurance coverage you need to protect your family.

This is an estiimate only. For a full assessment of your needs contact us to arrange a meeting with a qualified insurance professional.

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If you were no longer here how much money would your family need each year to maintain their current standard of living?

Think about the daily living expenses, don’t include a mortgage or any other debts as these are covered later.

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How many years would you need to provide for them?

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Do you have any debt that would need to be paid off?

Include your mortgage, car loans, student loans, credit cards and any other debts you would want to clear.

Enter 0 if you have no debts

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How much do you need to provide for childcare?

Think about current/future needs, if your partner currently looks after the children will they still be able to if they were on their own?

Enter 0 if not needed

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If you have children do you want to set aside money to pay for their college?

Enter 0 if not needed

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Do you need to create an emergency fund?

If you do not currently have an emergency fund of 3 – 6 months’ worth of expenses, it is a good idea to create one to protect your family from future unforeseen events.

Enter 0 if not needed

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Do you want to set aside money to cover your funeral expenses and the inheritance tax your beneficiaries may have to pay?

Enter 0 if not needed

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How much Life Insurance do you currently have?

Do not include any policies provided through employers as these will likely be lost if you change job.

Enter 0 if you don't have coverage

Here at the John Petit Insurance Agency we pride ourselves in making sure our clients have the coverage they need to protect their loved ones.

Now you have seen how much your family would need if you were no longer here call us today on (657) 215-3333 to discuss how we can help you provide for your family’s future.

For more information about life insurance please visit the Life Insurance section of our Insurance 101 guides.