Life Insurance - Needs Analysis



To help you calculate how much life insurance you need, Missouri Farm Bureau Insurance has developed a system that will present you with a suggested life insurance coverage level and any coverage gap that may exist.

Please do not enter any commas, just numbers and a decimal point if needed. Click on the category name to view additional information.


Current Life Insurance in Force: $
Less Final Expenses
Final expenses refer to items such as final medical and hospital costs and funeral expenses. The average funeral in America today costs approximately $8,500.
Less Housing & Mortgage
Money will be needed to pay the balance of your mortgage. If you rent, you will want to consider putting money aside for a "rent fund."
Less Debts & Liabilities
If you have a car loan, home improvement loan, credit card balances, etc. these will need to be considered when determining the amount of life insurance you need.
Less Emergency Fund
You will want to have money set aside for your family to cover major home repairs, auto repairs and medical emergencies. Half of your annual income should be sufficient to cover the emergency fund.
Less Education Fund
Educating children can be a very expensive task. Be sure to include the cost of tuition, room and board, and books and other fees. You will want to consider this for all children.
Less Child & Home Care
You will want to consider an additional amount for this category if you have special needs children, aging parents that are dependent on you or other important, unique needs.
Less 7 - 10 years Replacement Income
What will your family need to enable them to maintain the same standard of living if you should die prematurely? Income needs are usually greatest when you have minor children. Most experts agree that you will need 5 to 10 times your annual income for replacement purposes.
Amount Left for Family:

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