Life Insurance Worksheet

Life Insurance Worksheet

Life Insurance Worksheet

Death of: ________________
Cash Needs (Client)

Final Expenses ________________ ($7,000 - $10,000)
Mortgage Balance ________________
Education Fund ________________
Other Debts ________________ (credit cards, loans)
Child Care Fund ________________
Emergency Fund ________________ (8 months income)

Total Cash Needs ________________

Assets Available to Survivors - ________________
(Life Insurance, Savings, etc.)
Cash Needs Shortfall ________________

Income Needs

Desired Annual Income ________________ (80% of current)
Survivor’s Annual Income - ________________
Income from Outside Sources - ________________ (annualized)
(Social Security, Pension, etc.)
Income Needs Annual Shortfall ________________
Transition Period x _________ (children until 18)
Additional Capital Required ________________

Cash Needs Shortfall (above) + ________________

Total New Capital Required ________________

Social Security Benefits (2002):

Current Annual Gross Income $35,000 $50,000 $65,000
Spouse at Full Retirement Age $1,194 $1,519 $1,690
Spouse at age 60 $854 $1,086 $1,208
Child/Spouse Caring for Child $895 $1,139 $1,268
Family Maximum $2,185 $2,660 $2,959
Social Security Benefits (2002): Approximate monthly survivor benefits if you die in 2002 at age 50 – Social Security amounts in this chart are the approximate benefit for a person at age 50. For spouse caring for child, benefits cease when child reaches age 16, and do not resume until the surviving spouse reaches 60.

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