Everyday support
Estimate what survivors would need for living costs after other dependable income. Include the value of childcare, transportation, or household help you provide—even if you do not earn a paycheck.
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Life insurance planning • Palm Beach County
How much life insurance
do I need?
Your people. Your priorities. A clearer starting number. Walk through what you want to protect, then bring your questions to Health Palm Beach.
Try My Coverage Worksheet ↓The needs come before the number
Build around your real life.
One-time responsibilities
Consider debts you want paid, final expenses, education goals, and a transition cushion. Decide what belongs in ongoing support versus a lump sum so the same cost is not counted twice.
Then review existing insurance and savings you would actually use for these needs. Keep emergency reserves, retirement needs, and other commitments in view. Ask how long each responsibility lasts and what premium would remain affordable.
How do I avoid counting the mortgage twice?
If you include the entire mortgage balance as a debt payoff, remove those mortgage payments from the annual support amount. If you plan to cover payments through annual support instead, do not also enter the full balance as a payoff. Apply the same idea to childcare and other costs.
Should I count life insurance through work?
Check the employer plan’s amount, eligibility, and what happens if you leave or retire. Any continuation or conversion rights depend on the plan. In this worksheet, count only coverage you reasonably expect to be available over the period you are reviewing.
A little math. A better conversation.
Your coverage starting-point worksheet.
Use rough amounts if you are exploring. Enter 0 where a category does not apply. No name, contact details, health information, or account numbers are needed.
This worksheet calculates in this browser. It does not submit or save your entries. Scheduling uses a separate appointment tool.
The annual gap after other reliable household income. Include paid help if needed.
How long would that gap need to be covered?
Include only amounts you want paid as a lump sum.
Use your own estimate, not a promised future cost.
Verify the death benefit, expiration, and employer-policy terms.
Only money you actually intend survivors to use for these needs.
See a worked example
Suppose a household wants $40,000 a year for 10 years, $200,000 for debts and final expenses, and $30,000 for education. They count $150,000 of existing coverage and $30,000 of available assets.
$40,000 × 10 + $200,000 + $30,000 − $150,000 − $30,000 = $450,000 estimated additional coverage. This is an invented illustration, not a recommended amount or price.
Know what the numbers mean
Key terms, made clearer.
Coverage amount, death benefit, and premium
Coverage amount: the stated insurance protection. Death benefit: the amount payable when the insured dies under policy terms, potentially adjusted for policy debt or other provisions. Premium: what you pay to maintain coverage. A coverage estimate does not tell you the premium.
Income replacement versus household support
Income replacement describes replacing earnings that would be lost. Household support in this worksheet means the annual spending gap you want funded after other reliable income. It can also include the cost of replacing unpaid care or household services.
Coverage gap and support period
Coverage gap: estimated needs minus the resources you choose to count. Here it means possible additional coverage, not your total policy amount. Support period: how many years you want an annual gap funded. Different needs may end at different times; review that with an advisor.
Term, permanent, and underwriting
Term insurance covers a specified period. Permanent insurance is designed for long-term protection when funding and policy requirements are met. Underwriting is the insurer’s review of eligibility and pricing. Compare policy types, cash value, and potential tax benefits →
What about tax benefits?
Life insurance death benefits are generally excluded from a beneficiary’s federal income, with exceptions; interest paid on proceeds is generally taxable. Tax treatment does not determine how much protection a family needs. Read the tax explanation and important limitations →
What if my needs change—or I am retired?
Revisit your plan after family changes, a new home, a job change, or retirement. Look at continuing support needs, debts, final expenses, and legacy goals alongside available resources. A worksheet may need adjustment when survivor income changes over time.
Turn a starting number into a useful conversation
Let’s put your protection in perspective.
Bring your estimate, existing policy details, and a comfortable premium range. We’ll discuss your priorities, the time periods involved, and insurance options available for your circumstances.
Schedule My Life Insurance Review →Looking at the bigger picture? Start My Retirement Snapshot →
Health Palm Beach Insurance Advisors serves Palm Beach County and other locations where licensed. No obligation to purchase. Product availability, costs, exclusions, underwriting, and guarantees vary. Guarantees depend on the issuing insurer’s claims-paying ability. Do not end existing coverage before any replacement is issued, reviewed, and in force.
Reviewed October 24, 2026. Educational information only; no tax, legal, or investment advice. Resources: NAIC life insurance buyer’s guide ↗ · Florida life insurance overview ↗ · IRS death-benefit tax rules ↗
Life insurance → · Term vs. permanent → · Legal & privacy →