How much annual income would you like to provide if you were no longer here?

Think about how much your family will need for daily living expenses. This is often 60% to 80% of your after-tax income. Do not include college savings, childcare, or debts to be paid off immediately.

How many years should income be provided?

For example, until your youngest child finishes school or until your family reaches financial independence.

How much debt would you like to pay off immediately?

Include things like your mortgage, private student loans, credit cards, and auto loans.

How much would you like to provide for childcare?

Consider the cost of childcare in your area and how long it will be needed. Needs change as children grow.

How many children require college funding?

Add children you want to help support through college. Adjust the estimated cost per child as needed.

How much would you like to set aside for an emergency fund?

Many people aim for three to six months of living expenses.

How much personal life insurance do you already have?

Include only policies you personally own. Do not include coverage provided by an employer.

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