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How much

How much would your family need?

Add up what your paycheck covers and what you'd leave behind, then take out what's already there. It's a starting number, and it stays on your screen: nothing you type is saved or sent.

What they'd need

Costs your family would face

In dollars. What actually lands in your account in a year.

For example, until your youngest finishes school.

In dollars. What's left on the mortgage, or a few years of rent.

In dollars. Car loans, student loans and credit cards.

In dollars. Child care, school and college savings.

In dollars. A funeral, burial and any medical bills at the end.

What's already there

Money they'd already have

In dollars. Money they could actually get to and use.

In dollars. Include coverage through work. It's usually less than people need, and you may not be able to keep it if you leave the job.

The tally

Income for those years
$0
Everything they'd need
$0
Already there
$0
The gap
$0

The tally needs JavaScript. By hand: take-home pay times years, plus the mortgage, debts, kids' costs and final expenses, minus savings and the coverage you have.

What the worksheet leaves out

  • Rising prices over the years, and what savings might earn.
  • A partner's income, if they'd keep working.
  • Benefits your family might get from Social Security.
  • Anything specific to your family that isn't on the list, like caring for a parent.

What to do with the number

Bring it to a licensed agent, and ask them to show their math if their number is very different from yours. Check their license first, and read what to ask before you sign.

Worth knowing while you add it up