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Life Insurance Planner

How much life insurance should you have? Enter your current assets, expenses, and income to determine how much life insurance may be appropriate for your needs. 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.

1. Information Entry 2. Summary Results 3. Detailed Report
Current Life Insurance Coverage:   
Income Tax Rate:    
* Years for Insurance Income to Last:   
Return on Investment:    
Inflation Rate:   
   * Indicates a required field
   Assets Calculator
   Only Include Amount Available for Living Expenses
Cash and Savings:   
Home Equity:    
   Income Calculator
   Please Enter All Income Sources as After Tax Amounts
  Monthly Amount
Spouse's Income From Work:   
Years to Start
Durations in Years
Social Security Benefits (Children at Home):   
Social Security Benefits (Children Gone):   
Other Income:   
   Total Future Expenses
  Monthly Amount
Child Care Expenses:   
Years to Start
Durations in Years
Living Expenses With Children at Home:   
Living Expenses With Children Gone:   
Children's Education Expenses:   
Retraining and Education for Spouse:   
Other Expenses:   
   Total Expenses at Death
Taxes on Assets:   
Debt Repayment:   
Probate Costs:   
College Fund Child 1:   
Funeral Costs:   
College Fund Child 2:   
Uninsured Medical Costs:   
College Fund Child 3:   

Description of Terms

Inflation Rate

This 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 Tax

This 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 Savings

Total you have in cash, checking accounts, savings accounts, or other accounts that can be used to help cover expenses.

Home Equity

Total 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.


Total value of all investments that you are willing to use toward your living expenses.


Any other assets that you may be willing to sell or liquidate.

Estate or Inheritance Taxes on Assets

Taxes that are required to be paid on your assets at death.

Probate Costs

Probate 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 Costs

All costs required to cover the cost of the funeral.

Uninsured Medical Costs

Any medical costs that are not covered by your medical insurance. Make sure to include any deductibles.

Debt Repayment

Credit 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 Children

Amounts you wish to provide your surviving children to cover future college expenses.

Spouse Income from Work

Income 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 Benefits

Depending on your work history, your family may qualify for Social Security benefits.

Living Expenses with Children at Home

Total monthly expenses while your children are living at home. This should include all monthly expenses except child care.

Living Expenses with Children Gone

Total monthly expenses after your children have left home. This should include all monthly expenses.

Children's Education Expenses

Monthly 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 Spouse

Monthly expenses expected to cover any cost of education or retraining for your spouse to re-enter the workforce.

Other Expenses

Any other monthly expenses not included above.

Savings Balance

The 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 MUFG Union Bank, N.A. having a California domicile and principal place of business at 1201 Camino Del Mar, Suite 208, Del Mar, CA 92014, and in conjunction with UnionBanc Investment Services LLC, a registered broker-dealer, investment advisor, member FINRA/SIPC, and subsidiary of MUFG Union Bank, N.A.:

Are NOT insured by the FDIC or by any other federal government agency

  • Are NOT Bank deposits
  • Are NOT guaranteed by the Bank or any Bank Affiliate
  • Variable Life Insurance and Variable Annuity Products MAY lose value
  • Are products of the insurance carrier