NEA MB: Insurance Needs Estimator

Personal Coverage Review

Life Insurance 101

A step-by-step guide to determining how much coverage you need.

At NEA Member Benefits, we can help you find the right amount of coverage to protect your family, pay final expenses, send your kids to college, leave a little something for the grandkids or do anything else that matters to you.

Let’s begin »

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Results

Personal Coverage Review

Let’s start by figuring out how much your family will need for day-to-day expenses.

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.

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Personal Coverage Review

You don’t want to burden your family with unpaid expenses. I’ll help you find out how much coverage you need to take care of the most important ones.

4. Final expenses. Include burial expenses (typically $15,000) 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.

Personal Coverage Review

6. College costs. Current 4-year college cost (tuition, fees, room and board) estimates are $62,000 for a public college (in-state) and $142,000 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.”

Child Age: $62,000
$142,000
Other: $

Personal Coverage Review

Assets are good. The more your family has, the less additional coverage they’ll need.

7. Savings and investments. Bank accounts, CDs, mutual funds, stocks, bonds, financial gifts and inheritance.

8. Retirement savings. IRAs, 401(k)s, 403(b)s, any cash value of pension and profit sharing plans.

Personal Coverage Review

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.

Your Result

You need this extra coverage to help protect your family:

$ 0

You have two great options:

Get started with a lower rate.

NEA Group Term Life Insurance coverage, issued by The Prudential Insurance Company of America, may be the most affordable way for most people to purchase high coverage amounts right away. Begin with $25,000 to $500,000 in coverage, then increase or decrease it at any time.

Or lock in your rate for up to 20 years.

NEA Level Premium Group Term Life Insurance is a smart way to plan ahead, with rates guaranteed not to go up throughout your term. You can choose terms of 10, 15 or 20 years (depending on your age), with coverage amounts up to $1,000,000.

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NEA Group Term Life coverage and NEA Level Premium Group Term Life coverage are issued by The Prudential Insurance Company of America, Newark, NJ. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. Contract Series: 83500. CA COA# 1179. NAIC# 68241.
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