Providing for your family in the event of your death is a fundamental of risk management. And life insurance benefits that replace your income may be one of the best ways to meet your family’s ongoing financial needs. This calculator is designed to help you estimate the amount of life insurance you would need to produce a sufficient income stream for your family.
Ensuring that your family can maintain its current lifestyle in your absence is
the purpose of life insurance. The figure below shows the life insurance benefit
you would need to provide the income stream you specified for the desired number of years.
The information provided is not specific insurance advice, a guarantee of coverage, or a recommendation. The Life Insurance Calculator is a tool that can help you estimate your life insurance needs. The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance. As with most financial decisions, there are expenses associated with the purchase of life insurance. Please consult your insurance professional to determine the coverage appropriate to your individual situation.
How will the income stream from your life insurance benefit be paid out? What will
the balance be year after year? The chart below shows the initial value of a life
insurance benefit, how the account balance would fluctuate year by year, and when
the benefit would be exhausted. Adjust your answers below and recalculate to see
how the new numbers will affect your life insurance benefit.
This hypothetical example is used for illustrative purposes only. Actual results will vary.
This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
This material was written and prepared by Broadridge Advisor Solutions.
© 2020 Broadridge Investor Communication Solutions, Inc.