Tell us a little bit about yourself.
What is your age? 0 years old
At what age do you plan to retire? 0 years old
Do you have people financially dependent on you?
Do you have a partner?
Are they financially dependent on you in any way?
Do you have any dependent children?
Do you have others who are financially dependent on you (for example, aging parents)?
Life insurance primarily covers the lost income you bring to the household if you were to pass away.
What is your approximate annual income (or value ⓘ) before taxes? $0
Determine your income replacement coverage.
Based on retirement at 65, if you passed away there would be a loss of approximately $1,974,000 after taxes.
It’s usually not practical to insure all years of potential lost income though. What do others choose? ⓘ
How many years of income would you want replaced? 7 years (representing $318,000 after taxes)
If available, add any savings that would be used to support lost income and not saved for purposes like retirement.
Add any assets that would be sold if you passed away.
Factor in life insurance you already have, if applicable.
What about life insurance through work? ⓘ
On top of income replacement, add in the optional obligations you would want your life insurance to cover.
Lastly you can add any legacy needs and wants.
Your personal life insurance recommendation is: $318,000
However, because you have no one financially dependent on you currently, we recommend no life insurance.
The calculations are based on the following info you provided.
|Debts / Obligations||$0|
|Legacy Needs / Wants||$0|