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Insurance

[expand title=”How much life insurance do I need?” trigclass=”noarrow” tag=”h3″]

  • Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step may require the purchase of a life insurance policy to ensure that your family’s needs will continue to be met, even after your untimely death cuts your earnings potential short.

    Age, Income and Assumptions
    Current annual income ($)
    Spouse’s annual income (if applicable) ($)
    Spouse’s current age (if applicable)
    Spouse’s desired retirement age (if applicable)
    Investment return (%)
    Anticipated inflation rate (%)
    Immediate Cash Needs
    Funeral expenses ($)
    Final expenses ($)
    Mortgage balance ($)
    Other debts ($)
    Long-Term Income Needs
    Desired annual income needs
    (typically 70-80% of current combined income) ($)
    Number of years income is needed
    College needs ($)
    Available Resources
    Investment assets ($)
    Existing life insurance ($)
    Include social security benefits?
    Age of oldest child under 18
    Age of second child under 18
    Age of third child under 18
    Age of fourth child under 18

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    [expand title=”What is my life expectancy?” trigclass=”noarrow” tag=”h3″]

  • With medical advances and improved lifestyles, life expectancies in the United States are on the rise.* Use this basic calculator to help determine how many years you may need to plan for in retirement or how many years you may need to provide income to a surviving spouse or children.* Source: National Association of Insurance Commissioners, 2001

    Assumptions
    Gender
    Current age

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    [expand title=”What are my needs for burial and final expenses?” trigclass=”noarrow” tag=”h3″]

  • Long gone are the days of being buried in a pinewood box. Funeral expenses can vary from several thousand dollars up to $15,000 and more depending on which services you select. Funeral homes and crematoriums provide a list of expenses some of which have been enumerated here. Use this calculator as a guideline to help estimate your burial and final expenses.

    Professional Services
    Basic services of funeral director and staff ($)
    Embalming ($)
    Other preparations of the body ($)
    Facilities and Staff Services
    Viewing and ceremony ($)
    Cemetery and graveside ($)
    Transportation Services
    Transfer remains to funeral home ($)
    Hearse ($)
    Limousine ($)
    Merchandise
    Casket/Cremation urn ($)
    Burial/Urn vault/liner ($)
    Monument/Memorial/Tombstone ($)
    Other Expenses
    Burial clothing ($)
    Floral arrangements ($)
    Food ($)
    Airfare and accommodations ($)
    Other ($)

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    [expand title=”How much disability income do I need?” trigclass=”noarrow” tag=”h3″]

  • Your chances of becoming disabled are far greater than your chances of dying. It may surprise you that in December of 2010, there were over 2.5 million disabled workers in their 20s, 30s, and 40s receiving Social Security insurance benefits due to a disability.** Source: Social Security Administration, Disabled Worker Beneficiary Statistics, ssa.gov

    Monthly Income (if disabled)
    Spouse’s after-tax income ($)
    Investment income ($)
    Group/Individual disability income ($)
    Other monthly income ($)
    Monthly Expenses
    Mortgage or rent ($)
    Loan repayments ($)
    Utilities ($)
    Food ($)
    Clothing ($)
    Transportation ($)
    Education/Tuition ($)
    Medical/Personal Care ($)
    Insurance premiums ($)
    Other expenses ($)

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    [expand title=”What are the chances of becoming disabled?” trigclass=”noarrow” tag=”h3″]

  • It may surprise you that just over 1 in 4 of today’s 20 year-olds will become disabled before they retire.* Use this calculator to determine your chances of becoming disabled.* Source: Social Security Administration, Fact Sheet March 18, 2011

    Assumptions
    Current age

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    [expand title=”What are my long-term care insurance needs?” trigclass=”noarrow” tag=”h3″]

  • There are basically three ways to fund your long-term care needs: self-insure, qualify for Medicaid, or obtain long-term care insurance. Use this calculator to determine your potential long-term care needs and how long your current assets might last.

    Age, Savings and Assumptions
    Your current age
    Age estimated to begin long-term care
    Annual cost of long-term care in today’s dollars ($)
    Annual long-term care inflation (%)
    Number of years estimated to need long term care
    Value of funds already set aside by you for long term care ($)
    Recommended Savings Assumptions
    Before-tax return (%)
    Marginal tax bracket (%)
    Annual increases (%)

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    [expand title=”How much will I earn in my lifetime?” trigclass=”noarrow” tag=”h3″]

  • Most people earn a small fortune during their lifetime. Yet many of them are unaware of how their annual income adds up over the years.This calculator, designed to help you estimate how much you’ll earn before you retire, may surprise you with your own earning capacity.

    Earnings and Assumptions
    Current age
    Retirement age
    Current annual income ($)
    Annual salary increases (%)

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    [expand title=”What are the tax advantages of an annuity?” trigclass=”noarrow” tag=”h3″]

  • Deposits into an annuity are not tax-deductible, however you don’t have to pay taxes on the interest earned until you begin making withdrawals. This tax-deferral period can have a dramatic affect on the growth of an investment. Use this calculator to compare the tax advantages of saving in an annuity versus an account where the interest is taxed each year such as a CD.

    Savings and Assumptions
    Initial balance or deposit ($)
    Annual savings amount ($)
    Annual increase in contributions (%)
    Number of years for the analysis
    Before-tax return on savings (%)
    Marginal Tax Brackets *
    During deposit(s) (%)
    At withdrawal (%)

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    [expand title=”How long will my current insurance last?” trigclass=”noarrow” tag=”h3″]

  • You may think that you are adequately insured in the event of your death. It may surprise how quickly the tax-free insurance proceeds may be depleted by your survivor income needs.

    Insurance and Assumptions
    Current life insurance in force ($)
    Monthly survivor income needs ($)
    Annual inflation adjustment (if any) (%)
    Annual before-tax return on insurance proceeds (%)
    Federal marginal tax bracket (%)
    Desired amortization schedule

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    [expand title=”What is the future value of an annuity?” trigclass=”noarrow” tag=”h3″]

  • Unlike a taxable account, a fixed annuity enjoys the benefits of tax deferral. In addition, many annuity companies offer a higher first year bonus rate. To be able to offer these higher rates companies typically require you to keep the funds invested for a period of time or suffer a surrender penalty for early withdrawal. Use this calculator to help determine your annuity value in a given year and compare it to a taxable savings account like a CD.

    Savings and Assumptions
    Initial balance or deposit ($)
    Annual savings amount ($)
    Annual increase in contributions (%)
    Number of years for the analysis
    Before tax return on taxable account (%)
    Marginal tax bracket during deposit(s) (%)
    Marginal tax bracket at withdrawal (%)
    Annuity Information
    Initial rate (%)
    Number of years initial rate is guaranteed
    Subsequent expected interest rate (%)
    Minimum guaranteed interest rate (%)
    Surrender Charges (if applicable)
    Year 1 (%)
    Year 2 (%)
    Year 3 (%)
    Year 4 (%)
    Year 5 (%)
    Year 6 (%)
    Year 7 (%)
    Year 8 (%)
    Year 9 (%)
    Year 10 (%)

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    [expand title=”Which is better, Comprehensive Plan Or High-Deductible Plan With HSA?” trigclass=”noarrow” tag=”h3″]

  • Health Savings Accounts (HSAs) were created by the Medicare bill signed by President Bush on December 8, 2003. HSAs are a form of medical savings account that must be accompanied by a high-deductible health insurance plan. HSAs allow individuals/employers to set aside money on a pre-tax or tax-deductible basis and then withdraw the money tax-free to pay qualifying medical expenses. Use this calculator to help compare a traditional, low-deductible health plan to a high-deductible health plan accompanied by an HSA to cover out-of-pocket expenses.

    Comprehensive Health Plan
    Deductible ($)
    Coinsurance (%)
    Maximum annual out-of-pocket (OOP) ($)
    Monthly insurance premium ($)
    High-Deductible Health Plan with HSA
    Deductible ($)
    Coinsurance after deductible is met (%)
    Maximum annual out-of-pocket (OOP) ($)
    Monthly insurance premium ($)
    Other Assumptions
    Anticipated yearly medical expenses
    (incurred by one individual) ($)
    Marginal tax rate (state/federal plus 7.65% SS/Medicare) (%)
    Plan type

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