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How much
Life Insurance
Do you need???
Life Insurance Needs Analysis for:
_______________________________________
As a provider for your family, your loved ones have a life that would not be the quality it is without
you. It’s especially important to protect your family’s quality of life to guard against the time you
are no longer there to provide for them. Take a few moments to determine what your life insur-
ance needs could be by completing this simple worksheet.
Expense: Determining Formula Estimated Dollar Amount
1. Income Replacement 7-10 Times your annual income
$
_________________
2. Mortgage/Rent Your remaining outstanding mortgage
or estimate of rental costs
$
_________________
3. Outstanding Debt Outstanding loans, credit card debt,
and other debt
$
_________________
4. College Education Estimated cost of college per year,
multiplied by four, then by the
number of children
$
_________________
5. Emergency Fund 25% to 50% of your annual income
$
_________________
6. Funeral Cost Approximately $10,000
$ 10,000
7. Total Cash Needed Add parts 1 through 6
$
_________________
8. Total available Liquid
Assets
Cash, savings, checking, retirement
funds, existing life insurance, invest-
ments.
$ _________________
9. INSURANCE NEED
Part 7 minus part 8
$
_________________
Ï
YOUR POTENTAL
LIFE INSURANCE NEED
Your goal is to have enough insurance so at a
5%* annual return on the death benefit, your
family would be able to sustain themselves.
*5% is a conservative rate of return
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Work expands so as to fill the time available for its completion. | Cyril Northcote Parkinson/Parkinson’s Law.