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Group Term Life Calculator
Employee: Your employer is paying for a base Life and AD&D plan of 2 times annual earnings to a maximum of $300,000.You may purchase additional Life coverage equal to 1, 2 or 3 times your annual earnings. Annual earnings is defined as your actual gross earnings of the calendar year preceding the current calendar year. Overall Life maximum is $500,000 (base and additional combined).
| Employee | Spouse | Child | |
| Annual Salary: | |||
| Insurance Age: | |||
| Tobacco use in last 12 months? |
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| Funded Life coverage: |
$0.00 |
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| Additional Life coverage: |
$0.00 |
$0.00 |
$0.00 |
| Funded AD&D coverage: |
$0.00 |
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| Total Bi-Weekly Premium: | |||
Needs Worksheet
| Maintaining your family's standard of living | |
| Take a minute to consider how much life insurance you may need. What would it take to maintain your family's standard of living and cover future plans? | |
| Outstanding debt | |
| How much is needed to pay off your existing debt? | |
| Mortgage | $ |
| Car payments | $ |
| Credit card debt | $ |
| Other debt | $ |
| Ongoing expenses | |
| How much is needed for food, rent, clothing, utilities, daycare and other family expenses? | $ |
| (A helpful rule of thumb is to multiply your current salary up to five years to cover these expenses for your family depending on the age of your children.) | |
| Future plans | |
| How much will be needed for college education, weddings, home renovations/ repairs or other plans? | $ |
| TOTAL | $ |
| Subtract any existing coverage you may have | -$ |
| Consider this amount of life insurance | $ |
