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My Total Protection Need

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Income Replacement/Lifestyle Protection is a calculation based on your personal annual income, and how many years of that income you want your beneficiary to receive in a lump sum through your death benefit. This is designed to allow your beneficiary the ability to sustain their current financial lifestyle for a certain number of years.

This number represents how many years of your income your beneficiary will receive in a lump sum from your life insurance death benefit.

Most people with young children want to financially provide for their family through a life insurance death benefit until the youngest child reaches eighteen (18) years. Some people target enough time for their surviving spouse to graduate from college and have the ability to provide an equivalent lifestyle. Still others prefer to provide financially for their family for as long as possible. Most life insurance companies will approve up to 20 years of income replacement if the Proposed Insured is at least 20 years from Social Security eligibility.

Income Replacement Need

Full Time Parent/Family Services Protection takes into account the annual cost for your dependent child(ren) and their remaining years of dependency. This is designed to allow a working parent the ability to pay for many of the services provided by a full time parent.

Child's Age
Child's Annual Cost

The USDA (US Dept. of Agriculture) is responsible to report the average cost of raising a child in the United States. Housing represents the largest category of expense in raising a child; it is also the most variable expense in different regions of the country. We removed housing in our calculation because it is represented in the Debt Payoff section, under Mortgage Balances; however, we added some housing expense back into our calculation to account for other expenses not represented in a mortgage payment.

Our final calculation came to approximately $10,000 per year as an average annual expense to raise a child in the United States.

Update each child to a $10,000 annual cost, below.

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Family Services Need

Each child's cost is their annual cost multiplied by their age subtracted from 19 years of age.

Debt Payoff/Credit Protection calculates debt which is to be paid through your life insurance death benefit. This will allow your beneficiary to retain property currently secured by a loan, and protect the credit of your beneficiary or anyone else who is also responsible for the debt.

Funeral Expense is included in this area of the calculator.

Debt Payoff Need

College Funding/Higher Education Protection for Dependents calculates the cost of college per dependent which is to be paid from your life insurance death benefit. You may include your children and/or your spouse in this calculation.

College Funding Need

My Total Protection Need

$

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How much do I need?

Discover your needs using our unique life insurance calculator. The Simplis Life Calculator is simple and easy to use.

No one expects tragedy. But, if it happens, the right amount of life insurance protection will allow your family to continue on without the additional tragedy of financial disruption.

Tip: To remove a calculator category which doesn’t apply to you, click on “This doesn’t apply to me” just under the heading for that category.

 

What’s Next?

Once you discover your needs through the Simplis Life Calculator you may proceed to your quote. Your calculated coverage will auto populate into the Simplis Life Quoter on the next page.