Life insurance needs
Recommended coverage (net need)
$1,125,000
Gross need before offsets: $1,145,000
Composition
$1,145,000total before offsets
- Debt to pay off1%
- Income replacement70%
- Mortgage payoff22%
- Education fund7%
Debt to pay off$15,000
Non-mortgage debt (credit cards, loans)
Income replacement$800,000
10 yrs × $80,000/yr
Mortgage payoff$250,000
Remaining mortgage balance
Education fund$80,000
1 child(ren) × $80,000
Existing coverage & savings-$20,000
Subtracted from the gross need
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Illustrative estimate only — not a quote or professional recommendation. Read the full disclaimer.
Life insurance needs (DIME) by Sharpmonk — illustrative estimate, not a quote. Disclaimer