Below, you’ll find a list of factors to consider when determining how much life insurance you’ll need. This tool should be used as a guideline to help you determine what you need. Please note, there are many ways for you to determine how much you need, we provide you with information for you to come up with alternatives to what the salesman is going to be telling you.

• Current Age
• Expected Retirement Age
• Expected Annual Inflation Rate (%)
• Expected Annual Earnings Rate (%)
• Your Pre-Tax Current Annual Gross Income ($)
• Estimate of your family’s needs in annual pretax dollars ($)
• Income derived from other sources by your family
• Estimate your funeral and last medical costs
• Your debts to pay off (mortgage, bank, loans, auto loans)
• College cost for 1 child
• Number of children
• Number of years until college begins
• Previous savings and investment
• Retirement account balances
• Current amount of life insurance