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1. Annual earned income your family / business would need if you died
Include all sources of income
2. Total income multiplier
( AGE 20-30 = 20 ), ( AGE 31-40 = 16 ), ( AGE 41-50 = 12 ), ( AGE 51-60 = 8 ), ( AGE 61 & up = 5 )
3. Amount of income needed as result of loss of income
4. Funeral and other fnal expenses can
Range between $10,000 to $20,000
5. Mortgage and other outstanding debts
Include mortgage, credit card debts, car loans, home equity, etc.
6. Education expenses
2017-2018 Average annual college costs* : $34,740
Annual Amount ( x )

Child 1
# Of Years In College

Child 1
Total Cost ($)
ANNUAL AMOUNT Child 2

Child 2
YEARS IN COLLEGE Child 2

Child 2
TOTAL COST Child 2
ANNUAL AMOUNT Child 3

Child 3
YEARS IN COLLEGE Child 3

Child 3
TOTAL COST Child 3
Total Education expenses
7. Total income required
add line 3,4,5 and 6
8. Savings
Bank accounts, ira’s, 401(k) plans, stocks, bonds, real Estate / rental property etc
9. Present amount of life insurance
Include group of personal insurance
10. Total current protection
add line 8 and 9
11. Additional life insurance needed
subtract line 10 from line 7
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6. Education expenses