|
People often get tangled up with what kind of life insurance they should own: term, permanent, variable, universal, adjustable or whole life. After an untimely death nobody asks what kind you owned. They ask, “How much is there? Will we be alright?” So take a few minutes and take care of the most important part of your life insurance planning - make sure you have the right amount.
|
|
Quick Formula
|
Enter your information
below (do not use commas)
|
|
Wall Street Journal says, "You should have at least 7 to 10 times your income."
We say, "If you have children, you should have at least 15 to 20 times your income."
|
Annual Income:
$
|
|
|
|
Amount of new life insurance needed (WSJ):
|
$
|
|
Amount of new life insurance needed (BPMG):
|
$
|
| - OR - |
|
Detailed Formula
|
Enter your information
below (do not use commas)
|
|
Family income needed each month after tax (Your take home pay)
|
$ |
|
Money needed to pay off mortgage
|
$ |
|
Money needed to pay off cars
|
$ |
|
Money needed to pay off credit cards
|
$ |
|
Number of children you want to go to college
|
# |
|
Approximate annual cost of college per child (Private- $30K; UC- $15K; State- $10K)
|
$ |
|
Other cash needs- donations, help parents, siblings, etc.
|
$ |
|
Your current group life insurance
|
$ |
|
Your current personal life insurance
|
$ |
|
Your current 401k/IRA balance
|
$ |
|
Your current balance in savings, cd or money market accounts
|
$ |
|
Your current balance of investments that could be sold to produce income
|
$ |
|
Investment Return (We recommend using 6%, but you can change to your preference)
|
% |
|
|
|
Amount of new life insurance needed:
|
$
|
|
If you have questions regarding the above
calculations or if you would like a complimentary review of
your current life insurance policies, please call Rob Regan,
Director of BPM Insurance Services LLC, at 415-288-6206 or
email at rregan@bpmwealth.com.
|
