When you make the decision to purchase life insurance, or coverage in addition to what you have already, a couple of key factors should be considered:


What will the immediate obligations be at the time of my death?

This can include (estimates of):

Funeral expenses, estate-settlement costs1 (both taxes and attorney’s fees), outstanding medical bills, and financial needs/wants you see as “non-negotiable”.


What income is required for my household to be able to sustain itself?

A simple starting point for estimating this would be:

You make a certain amount of money (e.g. $75,000/year) as your yearly earnings.  Assume that you work until age 65, how many years of working do you have left2?  Wages multiplied by years of working is known as human life value; in other words, the economic value of you as a working person.  This can provide a framework for arriving at a life insurance figure (just like the multiple of income calculator above).


What other financial needs, wants, and goals do I want to see fulfilled?

What is “needed” and what is “wanted” varies by individual and household.  The choice to provide for certain financial items after you pass away is entirely yours, but here are some items to consider:

College tuition costs for children and/or grandchildren (present or future costs)

Paying off the mortgage, cars, and/or other debts

Gifting – to charities, foundations, alma mater

Paying off business debts (if you own a business) and/or creating a means to smoothly exit your business


By completing the form below (should take 3-5 minutes at the most) you will enable a member of the Insuring Income team, who specializes in life insurance, to provide you with a more customized analysis of your life insurance goals.  This is not an obligation to buy insurance or even complete an application, but quotes will be provided for your consideration.  Ultimately, the decision to proceed with securing life insurance, as well as what amount you want to secure, is a decision for you and your family.


Required Information

Expenses at the time of death

A common response for this questions is $12,500.

If you were to pass away today

This is auto-calculated as 67 minus current age. Feel free to modify this.
Savings, investments, retirement accounts, properties, and other “hard” assets.

Additional Considerations

Here you will input values for things that are important to you (examples could be: “charity, $25,000”, “gifts to siblings, $50,000”, “payoff rental property mortgages, $300,000”, “overall additional wants, $500,000”, etc.)




  1. Consult your tax professional and/or your estate planning attorney regarding these matters.  Insuring Income does not provide tax or legal advice.
  2. General guidelines; 30x income for ages 20-29  ·  20x income for ages 30-39  ·  15x income for ages 40-49  ·  10x income for ages 50-59  ·  1x assets for ages 60+.  Amounts may vary by carrier and state and additional circumstances, but the factors in this guideline are a good starting point.