How much life insurance do I need? Insurance needed For years For all expenses listed below   Assets to cover expenses Cash and savings $   Home equity $   Investments $   Other $     Expenses at death Estate or inheritance taxes (on above assets)   % Probate costs $   Funeral costs $   Uninsured medical costs $   Debt repayment $   College fund, child 1 $   College fund, child 2 $   College fund, child 3 $   Your family's future monthly income Amount (monthly) Years until start Duration (years) Spouse's income from work $           Social Security survivor benefits $           Social Security survivor benefits (children gone) $           Other $             Your family's future monthly expenses (in today's dollars) Amount (monthly) Years until start Duration (years) Child care expenses $           Living expenses (children at home) $           Living expenses (children gone) $           Children's college expenses $           Retraining or education for spouse $           Other $           Other Information Inflation rate   % Your savings rate   % Your state + federal tax rate   %   Your Sex Male Female

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The results and explanations generated by this calculator may vary due to user input and assumptions. New York Life Insurance Company does not gaurantee the accuracy of the calculations, results, explanations, nor applicability to your specific situation. We recommend that you use this calculator as a guideline only and you should ultimately seek the guidance of an experienced professional.