Assess Needs: Tick'It Life Calculator
Loan Needs: Tick'It Life Calculator
Use these easy calculators to find out how much life insurance you need.
Your Monthly Household Expenses
Estimate the life insurance coverage amount you will need to best protect your family and be able to cover your current monthly expenses over a specific number or years.
Your Income Requirements
Estimate the life insurance coverage you will need to maintain your current salary over time to ensure your loved ones are taken care of. Typically your current annual salary.
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Your Debt
Estimate how much life insurance coverage you will need to pay off your entire debt load and secure your family's financial future.
Your Combined Needs
Estimate the life insurance coverage amount you will need to best protect your family over a specific number of years.
Use these easy calculators to find out how much life insurance you need.
Your Loan Requirements
Estimate the life insurance coverage you will need to maintain your loan.
The following guidance on life insurance applies to all 7(a) and 504 loans:
7(a) Loans
For all 7(a) loans, Lenders must follow their internal policy for similarly-sized non-SBA guaranteed commercial loans. When required, the Lender must obtain a collateral assignment identifying the Lender as assignee that is acknowledged by the Home Office of the Insurer.
504 Loans
- If the CDC determines the principal is uninsurable, the CDC must obtain written documentation from a licensed insurer of the same.
- For each policy required under this paragraph, CDCs must obtain a collateral assignment identifying the CDC/SBA as assignee that is acknowledged by the Home Office of the Insurer. CDCs must ensure that the Applicant/Borrower pays the premiums on the policy (13 CFR § 120.970(c)).
- CDC may accept the pledge of an existing life insurance policy. Credit life insurance or whole life insurance should not be required.
- CDCs must assess whether the viability of the business is tied to an individual or individuals. Life insurance is required for the principals of sole proprietorships, single member LLCs, or for businesses otherwise dependent on one owner’s active participation when the SBA Loan is not fully collateralized.
- When required, the minimum term of life insurance is:
- 10 years for a 10 year debenture.
- 20 years for a 20 or 25 year debenture.
- For the purpose of life insurance calculation, the loan is considered fully collateralized when the value of the discounted collateral is equal to or greater than the net debenture amount. When the loan is not fully collateralized, the amount of life insurance required is equal to the difference between the net debenture amount and the value of the discounted collateral.
- For life insurance only, the calculation of discounted collateral is as follows:
- Improved real estate at 85% of fair market value determined in accordance with the appraisal requirements in Section C, Chapter 1, paragraph E.2.b., Appraisals.
- New machinery and equipment (excluding furniture and fixtures) at 75% of price minus any prior liens.
- Used or existing machinery and equipment (excluding furniture and fixtures) at a maximum of 50% of Net Book Value or 80% with an Orderly Liquidation Appraisal minus any prior liens.
Saving for College
How much money will you need?
Just how much will it cost for your child to attend college? The table
below shows what the average costs may be.
Projected cost of college
| Your child begins college in |
4 years public school (in-state) |
4 years public school (out-of-state) |
4 years private school |
| 2 years |
$81,100 |
$121,200 |
$166,300 |
| 4 years |
$91,200 |
$136,200 |
$186,900 |
| 10 years |
$129,400 |
$193,200 |
$265,200 |
| 14 years |
$163,300 |
$243,900 |
$334,900 |
| 18 years |
$206,200 |
$307,800 |
$422,800 |
Source: Annual Survey of Colleges, The College Board. Chart
assumes a 6% average annual increase in tuition, fees, books, room and board,
and other expenses.