LIFE INSURANCE CALCULATOR

Life Insurance Calculator

At CalChoice Financial, we recommend moving your financial risk over to an insurance company rather than leave your family vulnerable to catastrophic loss. That way, even if you’re gone, your beloved wife, husband, children or grandchildren can afford to live in the same home or still go to college like they planned. The most loving thing you can do is have a plan in place so that they can continue living their lifestyle without having to worry about money while they’re honoring your life and missing you.

Use this calculator as a quick way to see how much life insurance you might need to protect your family from the unexpected. Or simply call CalChoice Financial at 866.936.4884.

Estimate your family's expenses in case of your death 1
?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.
?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.
?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.
Child 1
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Total annual income your family would need if you died today 2
Assuming your spouse would work following your death 3
Extras 4
Analysis 5

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