Calculate Your Life Insurance Needs | Financial Calculators for Flagstar Bank

Insurance Needs

Existing coverage

Your current level of life insurance coverage.

Inflation Rate

The average rate of inflation you expect between now and your retirement.

Rate of return

The average rate of return you would expect to receive on investments between now and your retirement.

Assets & Investments

Annual spousal income

The annual income of your spouse that will be available to cover the financial expenses of your family.

Years of work

The number of years you expect your spouse will be available and able to work to generate their annual spousal income.

Other annual income

Other income your family would expect to receive from investments, property or other sources.

Value of investments

The total value of your current investments capable of generating income.

Value of non-income assets

The total current value of your non-income generating assets, such as your home, automobiles, jewelry, etc.

Liabilities & Expenses

Monthly expenses

The total monthly expenses that will be incurred to maintain your current standard of living.

Years of expenses

The number of years you will expect to incur your monthly expenses.

Education fund

The amount of money required to pay for the college or educational expenses of your children or spouse.

Total liabilities

Your total liabilities, including things like credit card debt, outstanding mortgage balances and any other type of loan balances.

Death expenses

Any expenses that will be incurred at death, including things like funeral or burial expenses.

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Life Insurance Needs
Existing Coverage	Assets & Income	Liabilities & Expenses	Coverage Needed

Life Insurance Needed
	Current Insurance	Insurance Needed
Insurance Amounts

Itemized Investments
Investment Category	Amount
Checking accounts
Savings accounts
Retirement accounts
Stocks & bonds
Mutual funds
Commodities
Other investments
Total Investments

Itemized Non-Income Assets
Non-Income Asset Category	Amount
Primary home
Additional homes
Other real estate
Automobiles
Other vehicles
Jewelry
Other personal property
Total Non-Income Assets

Itemized Monthly Expenses
Monthly Expense Category	Amount
Housing or Mortage Payment
Property taxes
Vehicle payments
Auto insurance
Utilities
Telpehone
Cable & Internet
Home Maintenance
Cable & Internet
Food & Groceries
Auto Gas & Maintenance
Clothing
Travel
Child care
Charitable giving
Gifts
Other living expenses
Total Monthly Expenses

Itemized Liabilities
Liability Category	Amount
Home mortgage
Other mortgages
Auto loans
Other vehicle loans
Student loans
Credit card debt
Lines of credit
Other liabilities
Total liabilities

Itemized Death Expenses
Death Expense Category	Amount
Funeral expenses
Legal expenses
Taxes due
Uninsured medical expenses
Charitable gifts
Other
Total Death Expenses

Flagstar Bank partnered with Fintactix, a financial education company, to make this calculator available. This is for informational purposes only. The results are hypothetical to illustrate general scenarios. The calculator cannot determine that a specific Flagstar product is available to you or that it is the right solution for your circumstances. All Flagstar Bank products require an application and an approval process. Please contact us directly so we can assist you. Use of this calculator is not a substitute for and results cannot be relied on as investment, legal, tax or accounting advice. Please consult a tax advisor, attorney or other financial professional for personalized advice appropriate to your goals and circumstances. Flagstar Bank and our affiliates are not responsible for any content provided by unaffiliated third parties.

The purpose of life insurance is to replace your income at the time of your death so that the family you are leaving behind can maintain their current lifestyle. How much you need is best decided by working with a qualified financial planner. Things to analyze include your current assets, savings and investments and how much earning power will be available for supporting your family in your absence. Compare that amount to your anticipated liabilities and expenses. Moreover, don't forget to include items such as college tuition for your children or paying off your mortgage, in addition to your standard living expenses.