Life Insurance Needs Test
LIFE INSURANCE NEEDS ANALYZER
Calculate How Much Life Insurance You Need
Part I:  Family Income Replacement
Family Income
(Annual)
Your Gross Income    
Spouse's Gross Income +  
Other Gross Income +  
Total Gross Income =  
Income to Be Replaced
(Annual)
How much income will your family need to live comfortably? (Typically 80% of your gross income) X        %
Total Replacement Income Needed =  
Available Income (spouse's income, social security, etc) -  
Net Replacement Income Needed =  
Expected Rate of Return (5%) /        %
Assets needed to produce Net Replacement Income =  
Available Investable Family Assets Savings    
Investment Portfolio +  
Current Life Insurance +  
Other Assets +  
Total Available Investable Family Assets =  
Life Insurance Needed for Income Replacement (Subtract Total Investable Family Assets from assets needed for Net Replacement Income    
Part II:  Debt, College, and Other Funding Needed
Debt Repayment Mortgage    
Auto Loan +  
Consumer Debt +  
Other Debt +  
Total Debt =  
College Funding No. of kids ages 0-9         0 1 2 3
Cost of sending your 0-9 year old(s) to college    
No. of kids ages 10-14     0 1 2 3
Cost of sending your 10-14 year old(s) to college +  
No. of kids ages 15-19     0 1 2 3
Cost of sending your 15-19 year old(s) to college +  
Total cost of sending your child/children to college =  
Other Expenses Funeral (typical cost of a funeral is approx. $5,000    
Special Bequests +  
Other Expenses +  
Total Expenses =  
Total Insurance Needed Total Additional Expenses (Add Debt, College, and Other)    
Income Replacement Insurance Needed (from Part I) +  
Total Life Insurance Needed (add together) =  
     
 
RJ Insurance Services

10202 Angell Street | Downey, CA 90242
Phone 877-360-1144
Fax 678-691-7132
 
 
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Needs Analyzer