Life Insurance Needs Calculator

Follow this link to Use the Life Insurance Needs Calculator.

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How Does the Life Insurance Needs Calculator Work?
What Items are Considered Assets and Financial Obligations?

How Does the Life Insurance Needs Calculator Work?

The calculator asks for information to determine your current assets, the income your survivors will need, and your financial obligations.   By subtracting your total assets from your total financial obligations and income needed, the calculator arrives at the amount of life insurance you need.   In other words:

Financial Obligations

Net Income Needed to Support Survivors

Assets

Insurance Needs

What Items are Considered Financial Obligations, Income and Assets?

Financial Obligations:   Financial obligations are monies that are currently owed to others on existing debts or income that your survivors will need for planned future expenses.   These include:

Net Income Needed to Support Survivors:  This is the annual income you believe will provide the standard of living you desire for your survivors less the annual income available to your survivors. This includes:

Annual Income Available VA Dependency and Indemnity Compensation (DIC) or Death Pension Income Social Security Survivor Benefit Survivor Benefit Plan Income Pension Plan Amount Survivor's Earnings from Work Income from Dividends and Interest

Income Needed Future Income for Your Family

Assets:   Assets are the amount of property your survivors would need to pay off your debts should you die.  These include:

Investments Certificates of Deposit Existing Life Insurance Plans Real Estate Social Security Benefits

Bank Accounts Savings Bonds Annuities with Survivor Rights Retirement Funds Employer Survivor Benefit Plans and more

Calculate Your Life Insurance Needs
Now you're ready to calculate your life insurance needs. Follow this link to use VA's Life Insurance Needs Calculator.