Life insurance helps replace more than just your income.
ECONOMIC LIFE VALUE CALCULATOR
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How much life insurance do you need?
Life insurance can replace some or all of the income and other contributions you make to your family in the event you're no longer around. You can more accurately estimate how much life insurance you may need when you know your Economic Life Value. The calculator below shows three methods for approximating your Economic Life Value.
Note: Life insurance contracts are issued and underwritten by American United Life Insurance Company® (AUL).
Calculating Your Economic Life Value
Using your current income and age as well as the age when you expect to retire, this calculator will provide you with three different estimates of your Economic Life Value.
|Income Factor: Your income factor is the product of your current income and a default income factor. Income factors use historical life insurance data and project economic conditions. Ask your financial professional for more information about adjusting the income factor to your specific situation.||$|
|Income Potential: This straightforward calculation estimates your lifetime income potential by multiplying the number of years until you retire by your annual income.||$|
|Income Analysis: Dividing your current income by a standard withdrawal rate shows what it would take for your family to withdraw an amount of money similar to your present income.||$|
Share these basic calculations with your financial professional who can include other economic factors and provide you with a more holistic financial picure. To discuss the economic life value you bring to your family in greater depth and identify potential gaps, contact your financial professional.