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Life Insurance Calculator

Calculate Your Life Insurance Needs

The Life Insurance Calculator is a great way to estimate today's Life Insurance needs. Be sure to reach out to an AAFMAA Membership Coordinator toll-free at 1-877-398-2263, or via email [email protected] to help you move forward.

Part I. Lump Sum

Liabilities

Death expenses include burial, funeral and estate expenses. As a rule of thumb, the greater of $10,000 or 4% of your estate value should be provided for death expenses.

Enter the amount that would be required to pay off your mortgage(s) if you were to pass away today. Please consult your mortgage forms to determine if your loan can be paid in full without penalty.

According to the College Board, the 2022-2023 annual average costs were $27,940 for in-state public, $45,240 for out-of-state, and $57,570 for private colleges and universities. Expenses include tuition, room & board, books, fees, travel, and maintenance expense.

All personal debts such as car loans, credit cards, etc.

An emergency fund is intended to protect the family from unforeseen needs for money which could arise because of illness, surgery, home repairs, or many other reasons.

Assets

Insurance should include all Life Insurance plans that are currently in force, including employer-provided insurance, individual insurance and any special purpose plans such as mortgage Life Insurance.

Contact pension plan documentation or plan administrator to determine the amount (if any) that would be paid as a lump sum.

This should include any assets that will be sold at the time of death to provide funds for the surviving beneficiary(s). This may include real estate, personal property, etc.

Part II. Income

Liabilities

Target (replacement) income should be the amount of annual income that is needed to support the annual expenses (e.g. rent, utilities, food, insurance premiums, clothing, taxes, etc.) of your dependent(s) after your death. Typically, a percentage of the present gross total family income is selected. While the percentage may vary, most financial planners find 70-80% to be a reasonable replacement objective for those earning over $60,000 and for all two-income families. The replacement objective can be somewhat reduced at lower income levels. Do not include any payments that are assumed to be paid off with a lump sum at the time of death, such as the mortgage payment if you are assuming that the mortgage is paid off.

Assets

All Life Insurance plans that are currently in force, including employer-provided insurance, individual insurance and any special purpose plans

Contact the Social Security Administration to obtain a statement on survivor benefits, or if you are a Grandfathered AAFMAA member, please contact AFSC at 1-888-237-2872.

Contact pension plan documentation or plan administrator to determine the amount (if any) that would be paid annually.

Beneficiary's annual income and miscellaneous annual investment income (rental income, survivor annuities, etc.).

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