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Your age and income have a direct bearing on your life insurance needs. Generally, the younger you are, the more insurance you need to replace a loss of lifetime income for your family and/or heirs. 

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Many people purchase life insurance as a means to strictly replace income, it is recommended that you purchase a minimum of 5-10 times your current annual income.

While this is an old rule of thumb, it does not take into consideration current assets and any special needs you and your family may have. We recommend you consider the following:

  • The amount of yearly income needed
  • The number of years this income will be needed
  • Debts to be paid
  • Other anticipated expenses:
    • College education expenses
    • Funeral and burial expenses
    • Retirement needs
    • Special needs for children or other family member
  • The average annual percentage of interest your investments will earn
  • The expected average annual rate of inflation

These are just a few of the questions we will discuss with you to determine the right amount, mix (term and/or permanent) and length of life insurance coveage.

If we are able to get you 15 times your salary and help your family live off of the interest earned at approximately 7-8*%, we ensure that your family will afford itself the same standard of living as you provided. 

Example: $50,000 Salary equals $750,000 insurance - approx $52,500-$60,000 at 7-8*% earned interest.  Keep in mind this is strictly for illustrative purposes only and your plan would be customized to your needs.  Since we are a full-service agency, we are able to assist you and your family in this type of planning also.

Schedule your no obligation review today