2 Group Life Insurance How much do I need? Use this calculator to estimate how much life insurance you may need. Housing expenses How much money do you need to pay off your mortgage or cover housing costs for your loved ones? Total housing expenses B Income replacement How long do you want to extend your income stream for your loved ones? Number of years X current annual income Total income replacement C Education expenses How much money will your children or grandchildren need to complete their education? Annual tuition X number of years X number of children Total education expenses D Total life insurance needed today A + B + C + D = Minus – Current life insurance How much life insurance do you currently have? Equals = Total life insurance deficit or surplus Final expenses How much money do you need to clear up short-term obligations and pay for final expenses? (Consider medical costs, funeral expenses and consumer debt.) Total final expenses A Did you know? 30% of Americans think they don’t have enough life insurance coverage. 2