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How To Compute Your Life Insurance

Note: Simply replace the figures, in the table below, to suit your situation.

EIGHT STEPS TO KNOW YOUR
LIFE INSURANCE NEEDS

1. TOTAL Annual Family Income (Include all sources)

P1,000,000

2. MULTIPLY BY % of Annual Family Income Needed to maintain current standard of living (70% with children, 60% without) = P700,000

X70%

3. SUBTRACT Annual Income Available to your Family after your death = P252,000

Spouse’s Income, if any = P400,000

Annual SSS benefit (social security) = P48,000

Other sources, if any = 0

P252,000

4. DIVIDE the sub-total from Step 3 by a reasonable interest rate (rate of return) that could be achieved (P252,000 divided by 8% (.08) equals P3,150,000)

8%

5. ADD final expenses (funeral, medical, taxes, etc.)

Plus

P80,000

6. ADD outstanding debt (mortgage & auto loans etc.)

Plus

P60,000

7. ADDITIONAL funding needs (educational funds, emergency funds etc.)

Plus

P500,000

8. SUBTRACT existing life insurance and cash savings

Minus

P1,200,000

  • APPROXIMATE additional life insurance needed
  • P2,590,000




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