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Rick Willoughby, AWMA®, AAMS®

Calculators


Got a question that involves number crunching? Use the calculators on this page to find the mathematical answer to the most commonly asked number-crunching questions, and see your inputs displayed next to the graph, chart, and/or table output in a side-by-side display.

Calculator: Print This Page
Life Insurance Needs Calculator
Income Needs
$
Lump-sum expenses
$
$
$
$
$
$
Current Resources
$
$
$
$

This worksheet is designed to quickly estimate the amount of life insurance protection you should have in place to meet survivor needs. It generates a graph that compares total cash need with current liquid assets and life insurance coverage available. It also generates a pie chart itemizing total cash need. Simply enter an amount for each category listed, then click the Calculate button to obtain the results.


Life Insurance Needs Calculator Chart

Your total cash need, based on the inputs above, is $1,020,933.
Subtracting out your current liquid assets and current life insurance coverage leaves an additional life insurance need of $520,933.

This chart shows an itemizing of your total cash need.
This life insurance needs analyzer does not include every financial consideration that may affect you, and should be used only as a guide.



    Assumptions

  • To arrive at an estimate of additional insurance coverage needed, this calculator determines the present value lump-sum amount needed to support your survivors over the number of years indicated at the estimated inflation rate and rate of return. This calculation is based on the estimated monthly living expenses of survivors, less monthly replacement income from other sources. If monthly replacement income from other sources exceeds the estimated monthly living expenses of survivors, the estimated monthly expenses of survivors is not factored into the calculation.
  • The calculator adds the amount needed to provide ongoing income to survivors to the amount of cash needed for one-time expenses to determine total cash need. Cash and liquid savings, other liquid assets available to pay off debt, and current life insurance proceeds available are subtracted from total cash need to determine additional life insurance need.
  • This calculator cannot account for all financial considerations , and should be used only as a general guide. Discuss your life insurance needs with a qualified financial professional.
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Rick Willoughby is a Registered Principal, Brice Willoughby is a Registered Representative both offering securities and advisory services through Independent Financial Group, LLC, a registered broker-dealer and registered investment advisor. Member FINRA and SIPC. Independent Financial Group, LLC and Symphony Financial Services, LLC are not affiliated. 15022 S 40th Pl Phoenix, AZ 85044  This material was created by Forefield to provide basic information on the subjects covered. The information provided herein has been obtained from sources believed to bereliable however we cannot guarantee or represent that it is accurate, complete orcurrent. Because situations vary, any information provided on this site is notintended to indicate suitability for any particular investor. Hyperlinks are provided as a courtesy and should not be deemed an endorsement. When you link to a third
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This communication is strictly intended for individuals residing in the state(s) of AZ, CA, CO, DE, FL, GA, IL, MO, NV, NJ, NY, NC, OK, OR, PA, SD, TX and WA. No offers may be made or accepted from any resident outside the specific states referenced.
 


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