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Assessing Your Life Insurance Needs

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Use this work sheet to calculate your annual living expenses and the total life insurance needed. Skip those items that do not apply.

Expense Category Average Monthly Expenditure Example
Housing $ $

 Rent, mortgage payment, insurance, taxes

 Repairs and improvements

 Furnishings
Utilities
Food
Medical    

 Physician, dentist

 Medications

 Insurance
Clothing

Toiletries

Transportation

    

 Vehicle payments

 Gasoline

 Maintenance

 Auto insurance
Recreation
Child care
Life insurance
Other
TOTAL MONTHLY LIVING EXPENSES $ $
(Total monthly living expenses x 12 months = annual household expenses)    
ANNUAL LIVING EXPENSES $ * $
You may print this form for your convenience,
or press the Reset button to try a different set of numbers.

 *Enter this amount on line one, “Annual income objective,” of the How Much Life Insurance Do You Need? Work Sheet.

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Updated Thursday, August 09, 2007
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