If we go with the lower amount and Reshawn started with 10 times her annual income, her starting coverage amount would be $750,000. Most advisors recommend purchasing 10 times your income however, I always recommend buying at least 20 times your annual salary if you can afford it.
Term life insurance calculator full#
Now that we have the full picture lets look at each individual part of the equation to figure out how much coverage you should purchase. This means that if Reshawn were to pass away, it would leave over $760,000 in expenses that would still need to be taken into consideration.įollowing the above example, go ahead and figure out what your total income is and what your current and future expenses could be. Right now, Reshawn & Dustin are responsible for over $460,000 in expenses, and that’s not including the cost of college for their kids which will probably come out to around $100,000 for each of them. They have a 30 year 350,000 mortgage on their home, three kids ages 2, 4 and 6 who they are planning to send to college, 2 cars, and around $60,000 in total credit card debt. Reshawn finished school without any student loans however, they were still paying down Dustin’s $50,000 in student loans. Now, if you don't know how term life insurance works then read our guide on that first.įor this example we will go with Reshawn & Dustin, Reshwan makes $75,000 per year, and Dustin is a stay at home husband. I think the best way to help you figure out how much life insurance you need is to give you an example throughout this post of how it would look trying to figure out how much life coverage you need. Our address is 3333 Peachtree Road NE, Suite 150 Atlanta GA 30326 Simply Insurance™ is an online insurance agency and does not issue any insurance products. Individuals are encouraged to seek advice from their own tax or legal counsel. Zion Financial LLC, d/b/a Simply Insurance™, its employees and representatives are not authorized to give tax or legal advice. The information provided is not written or intended as specific tax or legal advice. For a more accurate and detailed analysis specific to your circumstances, we encourage you to contact a qualified financial professional. Simply Insurance will assume no liability for the use of or reliance on this calculator. All projections are hypothetical in nature, do not reflect actual results, and are not guarantees of future results. The results and explanations generated by this calculator are based upon, and will vary due to, your input and certain assumptions made by us. This interactive calculator is a self-help tool and is not intended to provide financial advice or product recommendations. Universal Property and Casualty Insurance Review.Is Homeowners Insurance Tax Deductible?.Can You Negotiate With Home Insurance Adjusters?.When Will A Lender Require Me To Purchase Home Insurance?.Do You Need Insurance While Your New Home Is Under Construction?.Will My Home Insurance Cover Slab Leaks?.What Insurance Covers The Possessions Inside Of Your Home?.How Much Is Home Insurance On A $150,000 House?.HO4 Policy vs HO6 Home Insurance Policy.Best Homeowners Insurance Companies In America.What’s A Homeowners Insurance Declaration Page?.Can I Change My Home Insurance In The Middle of the Year?.
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