Have you ever wondered how much life insurance coverage you needed? Here are some questions that can help you calculate your needs.

Immediate Cash Needs

1) Final Expenses (funeral, medical) $_____

2) College Fund $_____

3) Emergency Fund (3 months expenses) $_____

4) Child Care Costs $_____

5) Mortgage Balance $_____

6) Total Immediate (add up 1-5) $_____

Ongoing Income Needs

7) Current Annual household income $______

8) Income objective (% above) x______%

9) Projected annual income need =______

10) Social Security Benefits $______

11) Survivors earned income $______

12) Survivors pension benefits $______

13) Other income $______

14) Total Income sources (add line 12-15) =______

15) Annual income shortage (line 9 minus line 14) $______

16) Amount of capital required to provide this income

(line 15 divided by assumed interest rate 3%) =______

Life Insurance Needs

Total life insurance needs (line 6 plus line 16) $______