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Cash Needs At Death
How much money will survivors need?
Include the current pay off balance for all mortgages
If the kids were to go to college today, how much would they need - total - for all years?
Reserves so survivors don't have to use credit cards for large 'emergency' type purchases (i.e. new roof, HVAC, appliances)
How much would you like to leave heirs as a legacy, if you 'spent it all'?
Total Cash Needs at Death
Calculated Value (Z)
Assuming all 'cash needs' above are satisfied, how much, if any, would survivors need to maintain current standard of living?
Monthly Desired Income
Multiply x 12
calculated value (A * 12 = B)
Assumed net rate of return on insurance proceeds
The insurance company pays the survivor the death benefit. He/she now needs to invest the proceeds to generate the income necessary. What rate of return do you think he/she can earn?
Total Income Replacement
calculated value (B / C = D)
Total Gross Need
calculated value (Z + D = X)
Assets that would be converted to cash in the event of death
Current Life Insurance
What you currently have... do you include coverage at work which typically isn't transferable if you leave?
Retirement Plans / IRAs
How much is currently in the
retirement plans at work and IRAs?
How much is currently in savings accounts, brokerage accounts, CDs, stocks/bonds, etc.?
How much has currently been saved for college?
Other assets that would be converted/sold for cash in the event of death
Calculated Value (Y)
Net new total life insurance need
Calculated Value (X - Y = J)
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