VA's Life Insurance Needs Calculator can provide you with the estimated amount of life insurance you would need to support your survivors should you die today.
The calculator asks for information to determine your current assets, the income your survivors will need, and your financial obligations. By subtracting your total assets from your total financial obligations and income needed, the calculator arrives at the amount of life insurance you need. In other words:
Financial Obligations + Net Income Needed to Support Survivors ' Assets = Insurance Needs
Financial obligations are monies that are currently owed to others on existing debts or income that your survivors will need for planned future expenses. These include:
|
|
This is the annual income you believe will provide the standard of living you desire for your survivors less the annual income available to your survivors. This includes:
Annual Income Available | Income Needed |
---|---|
|
|
Assets are the amount of property your survivors would need to pay off your debts should you die. These include:
|
|
Now you're ready to calculate your life insurance needs. Follow this link to use VA's Life Insurance Needs Calculator.
If you are in crisis or having thoughts of suicide, visit VeteransCrisisLine.net for more resources.
U.S. Department of Veterans Affairs | 810 Vermont Avenue, NW Washington DC 20420
Last updated March 13, 2019