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Life Insurance Calculator

Income Replacement

Please answer the few simple questions to get an estimate of life insurance coverage your family would need in the event the main bread winner were to die and the income stream were to stop.

How much money will be needed for burial expenses?
Average burial costs range from $8,000 to more than $10,000. In addition, there may be unmet medical expenses, probate costs and taxes on your assets.
$
How many years of income will you need to cover?
Base your answer by considering how long your family would need your income to make ends meet if you were to die today. For example, would your income need to be replaced until your children finish their education, or until your spouse retires, gets a job or dies?
years
How much annual net income will your survivors need?
Your annual net income is your after tax income. Add up your family’s usual living expenses. If your death would mean the family will need to hire child care, or your spouse will need additional education to change jobs or return to the work force, add those numbers in. The number may be reduced if your survivors have income of their own.
$
How much money do you have in savings and investment accounts?
$
How much debt do you have?
$
How much life insurance do you already have?
$
How much after-tax income does your family have annually in addition to your income?
$
Do you have any children?
– +
How much is needed for future college expenses per child?
$
Are there any one-time expenses you wish to fund?
Wedding, new car, home improvement?
– +

Recommendation based on your inputs, it appears that the approximate amount of life insurance you need is:

Here’s why:

We considered each of your answers and weighed each based on the experience of our experts. Based upon your projected financial needs, and the periods in time when that money would be needed, we have determined the approximate amount of life insurance you need today. To compute the return on your investments between now and when you indicated the money would be needed, we’ve assumed a 2.5 percent return for horizons of five years and less, a 4 percent return for horizons of six to 10 years and a 6 percent return for horizons greater than 10 years. These returns were then adjusted for an expected inflation rate of 2.5 percent per year. Actual results may differ depending upon the level of inflation and investment performance.
Apply for life insurance through Ladder and receive an instant offer if you are qualified