Page 33 - Book12E

$___________ 6. Multiply (4) by (5) and enter it here (6) to estimate your family’s total unmet income need
(keep in mind this tool does not account for inflation or interest on life insurance benefits)
$___________ 7. Estimate the amount of potential one-time expenses and outstanding debt (from any sources
below)
$___________ 7a. Mortgage balance
$___________ 7b. Children’s educational needs/ college expenses
$___________ 7c. Credit card debt $___________ 7d. Other outstanding debt $___________ 7e. Miscellaneous special needs
$___________ 8. Estimate final expenses and estate settlement costs (from any sources below)
$___________ 8a. Funeral costs (While these expenses vary, they typically range from $5,000 to
$10,000)
$___________ 8b. Final expenses (While these expenses vary, they typically range from $5,000
to $10,000)
$___________ 8c. Estate taxes (If you are unsure if estate taxes apply, estimate $0)
Add (6), (7) and (8) together to obtain a total estimate of your life insurance need.
Life Insurance Advantages and Disadvantages 25