INSURANCE CALCULATOR

How Much Insurance Do I Need?
 

The American Life Insurance Council recommends coverage totaling at least five times your annual salary. It's also important to take into consideration your current expenses - such as your mortgage, loans, taxes, child care and education - as well as future costs, including medical and funeral expenses and estate taxes. Call our Insurance Specialists at 315-484-2249 to help you determine the amount of coverage that is right for you.

Add together the following seven expenses:

1.

Mortgage, housing, rental expense (annual expenses x number of years OR mortgage balance)

2.

Outstanding loans or bills

3.

Childcare expenses (annual expenses x number of years)

4.

Lost income needed for daily living expenses (annual expenses x number of years)

5.

Final illness and burial expenses (approx. $10,000 - $20,000)

6.

College expenses (cost of education plus related expenses)

7.

Insurance proceeds you want to transfer directly to your beneficiaries

 

Subtract face amount of current life insurance policies and other assets saved for the above expenses

 

 

ADDITIONAL LIFE INSURANCE NEEDED

 

   

 

 

 

Investment and insurance products ● are not deposits ● are not FDIC-insured ● are not insured by any government agency ● have no bank guarantee ● may go down in value.

 

©2003 Solvay Bank Insurance Agency Inc