Life Insurance PlannerHow much life insurance do you need? Enter your current assets, expenses, and income to determine how much life insurance you need. You can adjust the inflation rate and your expected rate of return to see how these variables can impact your insurance needs. You can also see a year-by-year breakdown of your family's future income and expenses.
Description of Terms
Inflation RateThis is the rate that you expect your expenses to rise. Your total expenses are increased by this rate for each year you require income. The income you would receive from your life insurance policy is used to cover any shortfalls between your expected income from all sources and your expenses.
Income TaxThis is your income tax rate. Changing this rate affects only your interest income from your investments. All other income and expenses should be entered on an after-tax basis.
Cash and SavingsTotal you have in cash, checking accounts, savings accounts, or other accounts that can be used to help cover expenses.
Home EquityTotal amount of equity in your home that you are willing to use toward your living expenses. Include only the home equity that you consider available to use toward your living expenses. For example, the equity you would make available by selling your home and moving into a smaller one.
InvestmentsTotal value of all investments that you are willing to use toward your living expenses.
OtherAny other assets that you may be willing to sell or liquidate.
Estate or Inheritance Taxes on AssetsTaxes that are required to be paid on your assets at death.
Probate CostsProbate costs cover a state's legal fees for disbursing the assets of the deceased. You may incur significant probate costs, depending on your state of residence, even if you have a will.
Funeral CostsAll costs required to cover the cost of the funeral.
Uninsured Medical CostsAny medical costs that are not covered by your medical insurance. Make sure to include any deductibles.
Debt RepaymentCredit card debt, auto loans, home equity loans, mortgages, or other debt that you wish to repay. Providing the ability to repay these loans if you were to die can significantly help your family meet its monthly living expenses.
College Fund for ChildrenAmounts you wish to provide your surviving children to cover future college expenses.
Spouse Income from WorkIncome expected from your spouse after your death. If your spouse needs education or retraining, make sure that the starting year for this income provides adequate time to complete.
Social Security Survivor BenefitsDepending on your work history, your family may qualify for Social Security benefits.
Living Expenses with Children at HomeTotal monthly expenses while your children are living at home. This should include all monthly expenses except child care.
Living Expenses with Children GoneTotal monthly expenses after your children have left home. This should include all monthly expenses.
Children's Education ExpensesMonthly expenses for your children's education expenses. If your children have not yet entered college and have no other educational expenses, leave this amount at zero and enter an amount in the college fund entry fields in the Total Expenses at Death section.
Retraining and Education for SpouseMonthly expenses expected to cover any cost of education or retraining for your spouse to re-enter the workforce.
Other ExpensesAny other monthly expenses not included above.
Savings BalanceThe amount of funds available to your family after your expenses at death have been covered. This includes any current life insurance.
Insurance and annuity products offered through UnionBanc Insurance Services (CA Insurance License #0817733), a division and dba of Union Bank, N.A. having a California domicile and principal place of business at 1201 Camino Del Mar, Suite 200, Del Mar, CA 92014, and in conjunction with UnionBanc Investment Services LLC, a registered broker-dealer, investment advisor, member FINRA/SIPC, and subsidiary of Union Bank, N.A.:
Are NOT insured by the FDIC or by any other federal government agency