MetraFinancial Group
6713 West Florissant
St. Louis, MO 63136

314.382.7599



• Homeowners
• Auto Insurance
• Commercial
• Renter's Insurance
• Health
• Life
• Retirement
   
 
 
 

How much life insurance is enough?

The Consumer Federation of America (CFA, 1997) recommends 6 to 8 times your income for a married couple with children. While rules of thumb may be helpful, they do not take each individual's situation into consideration. This calculator provides a quick and simple method to estimate the amount of life insurance you will need.

 

Income Needs

Annual income your family would need if you die today
Enter a number that's typically 60% - 70% of total income. Include all salaries, dividends, interest, and any other sources of income.		 $
Annual income available to your family from other sources
Enter a number that includes dividends, interest, spouse's earnings (Social Security may be available).		 $
Years income will need to be replaced1  
 

Expenses

Burial expenses
The average cost of an adult funeral is about $10,000		 $
Mortgage and other debts
Include mortgage balance, credit card debt, car loans, home equity loans, etc.		 $
College costs2
2002-2003 cost of a four-year education: public college-$51,346; private college-$109,412.
Number of children:

 

Assets

Savings and investments
Bank accounts, CD's, stocks, bonds, mutual funds, real estate/rental property, etc.		 $
Retirement savings
IRA's, 401(k) plans, Keoghs, pension and profit sharing plans		 $
Present amount of life insurance
Include group insurance and personal insurance purchased on your own		 $
 
   
 
For a more thorough discussion of your needs, ask your Prudential licensed sales professional about a comprehensive needs analysis.
 
1Important note: Inflation is assumed to be 4%. The rate of return on investments is assumed to be 8%.
2Source: The College Board, Trends in College Pricing 2002.
 


    
 
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