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Grace Financial Service Associates

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How to Determine the Correct Amount of Life Insurance
in 5 Minutes or Less

There are several sites out on the internet that have calculators to determine how much Life Insurance you will need. Some of the sites like Bankrate.com's Life Insurance Calculator want to know morbid answers like, "How much you think you will need for Funeral expenses", while others want more detailed information. For Example, MSN Money Central's Calculator wants to know your mortgage balances and other very detailed financial information. Still, the most invasive and time consuming life insurance calculator that we have ever seen on the internet has got to belong to the Lifehappens.org website. They want to know Inflation rates, and even the number of Children you think you might be putting through college so that they can help you determine how much life insurance is appropriate. In order to determine the proper amount of life insurance you will need, you do not need to figure out the information that they are requesting. You can simply use the form below.

Here is the simplest, 5 question way for you to figure out how much life insurance you will need.

1) If something were to happen to you and your beneficiary recipient(s) was left to live off of your life insurance every month, how much money would you want them to have after taxes? $
2) Approximately how much is your State + Federal Income Tax Rate? (see chart below)
Tax Bracket 2009
Ok, in order for your beneficiary to live off the "after tax" amount you would like them to have, you will need a policy that generates this much "before taxes", monthly. $
If we multiply this number by 12 that will give us the "Annual Income Required" to maintain the lifestyle you would like them to have. $
3) Now, what interest rate do you think that the beneficiary could earn through savings/investments on a yearly basis?
(According to an "DJIA - Historical Performance of the Dow Jones Industrial Average" by Alan Reisch, average performance in the last 30 years has been a "10.83% yearly return". However, in our financial experience a safe number would be about 6%.)
So if we take the "Annual Income Required" and divide it by the rate of return, that will give us the amount of "Capital You Need" to take care of your beneficiary. $
4) How much cash and savings do you have right now? (Capital You Have) $
So, Capital You Have - Capital You Need = Capital Required $
5) Are there any other financial issues you want to be taken care of if something were to happen to you today? (Example. Mortgages, Credit Cards, Liens, Auto Loans) $
Taking into consideration the other financial issues that you would like to take care of, the amount of life insurance you will need is $

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