Life Happens | The Life and Health Insurance Foundation for Education (LIFE)

Life Insurance Needs Calculator

Estimate your family’s expenses in case of your death

Final expenses
? Typically the greater of $15,000 or 4% of your estate. This would include uncovered medical costs, funeral expenses, and final estate settlement costs. Note: If your estate is over $1,500,000 your final expenses may be much higher due to federal and state estate or inheritance taxes.
Outstanding mortgage
? Mortgage payment fund: Whether or not your survivors would use life insurance proceeds to pay off the mortgage right away, creating a fund to cover mortgage payments makes sense.
Outstanding debts (other than your mortgage)
How many children
require college funding?
? College funding: Total projected college costs (tuition plus all other costs such as room and board, books, etc.), less current funds in the child’s name. The tuition amount being used is for the average 4-year education and is provided by The College Board, which is $158,072 for private institutions and $71,440 for public institutions.

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