1. About You
How much would you need for final expenses?
This covers funeral costs and/or medical expenses not covered by health insurance. $15k is an average, but you might need more (e.g., your family would need to travel for a funeral).
What is your personal annual income?
We'll use this to help determine your monthly expenses.
What's the total amount of student loan debt you're responsible for?
This includes existing student loans from a spouse/partner and/or children.
How much would your family need for added expenses, per month?
Consider expenses like food, utilities, transportation, plus extras like vacation. (Mortgage or other debts are covered separately.)
How many years would they need this added monthly income?
How much do you already have in life insurance?
For example: a policy provided by your employer.
Do you have other assets that could be used to cover expenses?
For example: savings accounts, stocks, bonds, CDs, etc.
Based on your responses, here's the estimated amount of coverage you may need to keep your loved ones protected:
|Debts & expenses||$0|
|Legacy & inheritance||$0|
Term life is cost-effective protection for a specified amount of time. Term doesn't build up cash value. Whole life provides protection as long as you live (premiums must be paid) with a guaranteed level premium. Universal life is a flexible policy with variable premium payments. Typically for people who need college savings, estate planning, business planning, or additional retirement savings. There is cash value.
Your agent can help you choose the policy that best fits you and your family's needs.
This calculator is a planning tool designed to assist you. The results and explanations generated by this calculator may vary due to your input and assumptions. Erie Insurance does not guarantee the accuracy of the calculations, results, explanations, nor applicability to your specific situation. All projections are hypothetical and we recommend you use this calculator as a guideline only. For a more accurate and detailed analysis specific to your circumstances and needs, contact an ERIE agent or other financial professional.