1. Annual family income you have now. Include your wages and wages from spouse, interest and dividends.

    
   
2. Annual income your family would still need if you died today. Typically 70% of the number in question 1.    
   
3. Number of years your family will need to have this level of income.    
   
     
Your major expenses    
     
4. Final expenses. Include burial expenses (typically $10,000) plus probate fees    
   
5. Home mortgage balance and other major debt. Include only if you want your mortgage and other debts paid off when you die.    
   
6. College costs . Current 4-year college cost estimates are $60,000 for a public college and $ 90,000 for a private college. Inflation of 4% annually until the child is 18 will be taken into account. Student loans and other financial aid can considerably lower out-of-pocket college expenses, if your child plans to apply for them, enter a lower amount under "Other amount".

 
Child 1
Age
  $60,000
  $90,000
  Other Amount
 
Child 2
Age
  $60,000
  $90,000
  Other Amount
 
Child 3
Age
  $60,000
  $90,000
  Other Amount
 
 

Your savings & other income-producing assets

     

7. Savings and investments. Bank accounts, CD's, mutual funds, stocks, bonds, financial gifts and inheritance.

    
   
8. Retirement savings. IRA's, 401(k), 403(b), any cash value of pension and profit sharing plans.    
   
9. Amount of life insurance you have now.    
   
10. Amount of monthly Social Security benefits your survivors may receive upon your death.    
   
11. Amount of annual additional income spouse will supply by returning to workforce.