Life Insurance Needs Calculator (U.S. Department of Veterans Affairs)

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Servicemembers' & Veterans' Group Life Insurance

Life Insurance Needs Calculator

Enter the information in the form below to calculate your life insurance needs . Click on the "More Info" button next to each entry to view details explaining what information is needed. Please note the following special instructions:

Items marked with an asterisk "*" are required entries and must be filled in.
Enter only whole dollar amounts, no cents.
Do not enter commas or dollar signs.

When you are finished entering your information, click the "Calculate Life Insurance Needs" button at the end of the form.

Note: VA's Life Insurance Needs Calculator does not include every financial situation that may affect you. The Calculator should be used as a guide only and is not a substitute for a financial planner. Your financial information is not saved or transmitted to VA.

Financial Obligations - Immediate Cash Needs
1. Death Expenses* (Burial and Funeral Costs, Uninsured Medical Costs, Estate Taxes, and Estate Settlement expenses such as legal fees)	$
2. Housing Costs (select one)* I own my home I rent my home	$
3. Total Estimated Education Costs I want to estimate educational costs for my children I don't need to estimate educational costs	$
4. Car Loans Outstanding Balance	$
5. Home Equity Loans Outstanding Balance	$
6. Credit Card and Other Personal Debt	$
7. Emergency Fund	$

Income Needed to Support Your Survivors
Annual Income Available to Your Survivors
8. Annual VA Dependency and Indemnity Compensation (DIC) or Death Pension Income	$
9. Annual Social Security Survivor Benefit	$
10. Annual Survivor Benefit Plan Income	$
11. Annual Pension Plan Amount	$
12. Survivor's Annual Earnings from Work	$
13. Survivor's Annual Earnings from Dividends and Interest	$
14. Survivor's Other Annual Income (Money from Rental Properties, Private Loan Payments from Others, Annuities)	$
Annual Income Needed to Support Your Survivors

15. Annual Income Amount Needed*	$
16. Number of years income will be needed*	years
Net Income Needed to Support Survivors amounts less than zero will not be shown.	$

Assets
Lump Sum Payments Available to Your Survivors
17. Thrift Savings Plan Benefit	$
18. Current Investments	$
19. Servicemembers' or Veterans' Group Life Insurance Coverage	$
20. Other Life Insurance Coverage	$
21. VA Educational Benefits for Spouses and Children	$
22. Other Lump Sum Payments	$

Reviewed/Updated Date: August 4, 2008