You probably have several people you care about – your spouse, your children, and your parents. In addition to emotional support, they may count on you financially. While no life can be replaced, life insurance can provide a financial cushion so you can support those you love, even after you’re gone.
So why do you need life insurance?
Because you have people who count on you to pay the mortgage and other monthly bills.
Because you want your children to have a debt-free college experience.
Because you don’t want to make others responsible for your financial obligations.
Because you want income tax advantaged death benefits to help protect you and your family.
Because life is precious.
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*Membership benefits are not guaranteed. Please do not purchase or keep insurance or annuity products in order to be eligible or maintain nonguaranteed membership benefits. You should only purchase or keep these products if they meet your financial needs. Please assess the cost of purchasing and maintaining insurance or annuity products with the benefits received.
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The calculations contained within this calculator are specific to Royal Neighbors of America. It is intended to estimate an amount of life insurance coverage if death occurred in the near future. It is not a recommendation for specific coverage amounts. Your financial needs may differ from the estimates. Royal Neighbors does not guarantee that the amount illustrated here will meet your financial needs. You are responsible for selecting the appropriate amount of coverage. To evaluate your specific needs, please contact Royal Neighbors directly at (866) 845-6665.
|Year||Partner Age||Partner Income||S.S. Income||Available Income||Desired Income||Surplus/Shortfall||Available Resources||Insurance Needed|
Calculations include your answers to the previous questions, in addition to the following: 3% investment return; 2.6% anticipated inflation rate; $8,500 for funeral expenses which is based on the national median cost for an adult funeral in 2014 according to the National Funeral Directors Association1; 75% of your annual combined income for desired annual income needs; and 15 years for the number of years’ income needed or the calculation of the number of years it will take your youngest child to complete higher education, whichever is greater. Social Security benefits were factored based on the age of your youngest children (up to 4). Immediate needs include your mortgage, other debts, and $8,500 for funeral expenses.
College cost estimates are based on the following parameters (based on data provided by [College Board] . The inflation rate for college costs (5.48% annually) is based on the Bureau of Labor and Statistics Consumer Pricing Index average from January 1996-June 2016. This rate will factor into college cost assumptions for future years, adjusted annually.
1 “The national median cost of a funeral with viewing and burial for calendar year 2014 was $7,181. If a vault is included, something that is typically required by a cemetery, the median cost is $8,508. The cost does not take into account cemetery, monument or marker costs or miscellaneous cash-advance charges, such as for flowers or an obituary.” http://www.nfda.org/news/statistics