1
Based on the 2020 average funeral cost according to reportedtimes.com The Average Cost of a Funeral in 2020
2
Based on the 2020 average total price for a 4-year degree according to educationdata.org Average Cost of College & Tuition
Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD
and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in
DC. William Penn products are currently available exclusively in New York; Banner does not solicit business there. The Legal &
General America companies are part of the worldwide Legal & General Group. LAA2234 20-206
1. Annual earned income your family/business would need if you passed away
Include all sources of income
2. Total income multiplier (Multiply the appropriate age factor by line 1)
Factor represents the number of years for which funds would be needed
AGE 20-30 AGE 31-40 AGE 41-50 AGE 51-60 AGE 61 & UP
20 x line 1 16 x line 1 12 x line 1 8 x line 1 5 x line 1
3. Funeral and other nal expenses
1
Can range between $10,000 to $20,000
4. Mortgage and other outstanding debts
Includes mortgage, credit card debts, car loans, home equity, etc.
5. Education expenses
2
2020 average annual college costs: $30,500
ANNUAL AMOUNT # OF YEARS IN COLLEGE TOTAL COST ($)
Child 1
Child 2
Child 3
Child 4
6. Total income required (Add lines 2, 3, 4 and 5)
7. Savings
Bank accounts, IRAs, 401(K) plans, stocks, bonds, real estate/rental property, etc.
8. Present amount of life insurance
Include group and personal insurance
9. Total current protection (Add line 7 and 8)
10. Additional life insurance needed (Subtract line 9 from line 6)
$
1.
$
2.
$
3.
$
4.
$
5.
$
6.
$
7.
$
8.
$
9.
10.
$
How much life insurance
coverage will you need?
No matter your life stage, there is a life insurance policy that can meet
your family’s specific needs to help ensure no one is left in a bind should
something unexpected happen. Life insurance is one of the keys toward
protecting your family financially.
Le
t’s start by putting a number on it.
