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How much life insurance do you need to protect your family?

This simple calculator can give you an idea. It's only approximate, however. You should consult with an agent of The Hartwell Corporation for a personal, accurate assessment of your life insurance needs.

NOTE: The calculator makes the following assumptions:

The calculation assumes you died today

Inflation is assumed to be at 4%

The rate of return on investments is assumed to be 8%

The calculator will round all numbers to the nearest whole dollar

Income
1. Total annual income your family would need if you died today $
  What your family needs, before taxes, to maintain its current standard of living
(typically between 60-75% of total income)
2. Annual income your family would receive from other sources $
  Dividends, interest income, spouse's earnings (Social Security may be available)
3. Income to be replaced - Subtract line 2 from line 1   $
4. Capital needed for income  Years Needed:    $
  Multiply line 3 by the factor indicated by year selection above
 

Expenses
5. Funeral and other final expenses $
  The average cost of an adult funeral is about $5,000
6. Mortgage and other outstanding debts $
  Include mortgage balance, credit card debt, car loans, etc.
7. College costs for each child, in today's dollars $
  1997-98 average 4-year costs; state-college: $40,276, private-college: $85,696
8. Capital needed for college  Years Until College:   $
9. Total capital required   $
  Add lines 4, 5, 6 and 8
 

Assets
10. Saving and Investments $
  Bank accounts, money market accounts, CDs, stocks, bonds, mutual funds, etc.
11. Retirement Savings $
  IRAs, 401(K)s, Keoghs, pension and profit sharing plans
12. Present amount of life insurance $
  Include group insurance as well as insurance purchased on your own
13. Total income producing assets   $
14. Life Insurance Needed   $
 

NOTE: This calculator generates a general, basic estimate of life insurance needs. Please consult a Hartwell Corporation insurance professional for a personalized, accurate estimate of your life insurance needs.

 

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