How much life insurance do I need?

Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step may require the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short.
Age, Income and Assumptions
Current annual income ($) 
Spouse's annual income (if applicable) ($) 
Spouse's current age (if applicable) 
Spouse's desired retirement age (if applicable) 
Investment return (%) 
Anticipated inflation rate (%)help
Immediate Cash Needs
Funeral expenses ($) 
Final expenses ($) 
Mortgage balance ($) 
Other debts ($) 
Long-Term Income Needs
Desired annual income needs
(typically 70-80% of current combined income) ($)
 
Number of years income is needed 
College needs ($)help
Available Resources
Investment assets ($) 
Existing life insurance ($) 
Include social security benefits?help
Age of oldest child under 18 
Age of second child under 18 
Age of third child under 18 
Age of fourth child under 18 
   
All calculators and tools are supplied as a courtesy only. FHB is not responsible for the accuracy or completeness of information that you provide or information generated by the calculators. Please check your records carefully before inputting your information into the calculators or tools. All projected rates and results are estimates, are examples only, and are necessarily hypothetical in nature. No results are guaranteed. The output of the tools and calculators may vary with each use and over time. The output and results should not be construed as financial, legal or tax advice, and the calculators and tools are not intended to replace the advice of qualified professionals. You should not rely on the calculators and tools as your only source of information. You should consult with a qualified professional of your choice whenever specific advice is necessary or appropriate.

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