numbers are based on best guess

make up numbers, this is not based on actual income or insurance

KSHEET Worksheet for Estimating Life Insurance Needs Step 3: Immediate Transitional Funds Schooling Expenses for Surviving Spouse Child Care and Housekeeping Expenses Other Transitional Needs Total Immediate Transitional Funds (add lines n through p) +p. Step 4: Dependency Expenses (family needs while children are in school and dependent on family support) Current Household Expenses (estimated as income less savings) Less: Deceased's Expenses (estimated as 30% of line r if surviving family includes only one member, 26% for a surviving family of two, 22% for a surviving family of three, and dropping 2% more for each additional family member) Less: Spousal Income Less: Social Security Survivors' Benefits Less: Pension Benefits and Income s. - t. - u. Equals: Income to be Replaced Until Children Are Self-Supporting (line r - lines s through v ) =w. (continued) Total Dependency Expenses or Money in Today's Dollars Needed for Dependency Expenses (assuming the children have n years until they become selfsupporting and you can earn an i% after-tax and after-inflation return on your investments) (line wx PVIFA i,nyr)=( line w PVIFA _ \%,, yr )= (line wX Step 5: Spousal Life Income (spousal needs after children are selfsupporting) Desired Spousal Income y. Total Spousal Life Income or Money in Today's Dollars to Provide for Desired Spousal Income (assuming n years until the children become self-supporting and m years until the spouse qualifies for Social Security or retirement income, and assuming you can earn i\% after-tax and after-inflation return on your investments) [line y x (PVIFA i,m yr - PVIFA i%,n yr )]= [line y x (PVIFA _ \%, yr - PVIFA ,yr)]= [line y( )] =Z Step 6: Educational Expenses for Your children Total Educational Expenses (private school needs plus total college needs) aa. Step 7: Retirement Income Additional Desired Annual Income at Retirement bb Total Retirement Income or Money in Today's Dollars to Provide for Desired Retirement Income (assuming retirement in m years and desiring the additional income for p additional years, and assuming you can earn i% after-tax and after-inflation return on your investments) [line bb x (PVIFA i%,m yr - PVIFA i%,nyr)]= [line bb x (PVIFA _\%, yr - PVIFA _\%, yr)]= [line bb x )] =cc. Step 8: Total Funds Needed in Today's Dollars to Cover Needs Total (lines h+m+q+x+z+aa+cc) =dd. KSHEET Worksheet for Estimating Life Insurance Needs Step 3: Immediate Transitional Funds Schooling Expenses for Surviving Spouse Child Care and Housekeeping Expenses Other Transitional Needs Total Immediate Transitional Funds (add lines n through p) +p. Step 4: Dependency Expenses (family needs while children are in school and dependent on family support) Current Household Expenses (estimated as income less savings) Less: Deceased's Expenses (estimated as 30% of line r if surviving family includes only one member, 26% for a surviving family of two, 22% for a surviving family of three, and dropping 2% more for each additional family member) Less: Spousal Income Less: Social Security Survivors' Benefits Less: Pension Benefits and Income s. - t. - u. Equals: Income to be Replaced Until Children Are Self-Supporting (line r - lines s through v ) =w. (continued) Total Dependency Expenses or Money in Today's Dollars Needed for Dependency Expenses (assuming the children have n years until they become selfsupporting and you can earn an i% after-tax and after-inflation return on your investments) (line wx PVIFA i,nyr)=( line w PVIFA _ \%,, yr )= (line wX Step 5: Spousal Life Income (spousal needs after children are selfsupporting) Desired Spousal Income y. Total Spousal Life Income or Money in Today's Dollars to Provide for Desired Spousal Income (assuming n years until the children become self-supporting and m years until the spouse qualifies for Social Security or retirement income, and assuming you can earn i\% after-tax and after-inflation return on your investments) [line y x (PVIFA i,m yr - PVIFA i%,n yr )]= [line y x (PVIFA _ \%, yr - PVIFA ,yr)]= [line y( )] =Z Step 6: Educational Expenses for Your children Total Educational Expenses (private school needs plus total college needs) aa. Step 7: Retirement Income Additional Desired Annual Income at Retirement bb Total Retirement Income or Money in Today's Dollars to Provide for Desired Retirement Income (assuming retirement in m years and desiring the additional income for p additional years, and assuming you can earn i% after-tax and after-inflation return on your investments) [line bb x (PVIFA i%,m yr - PVIFA i%,nyr)]= [line bb x (PVIFA _\%, yr - PVIFA _\%, yr)]= [line bb x )] =cc. Step 8: Total Funds Needed in Today's Dollars to Cover Needs Total (lines h+m+q+x+z+aa+cc) =dd