Determine Your Life Insurance Needs Thanks To This Excel Spreadsheet

Excel function tutorials

If you want to learn Excel, keep reading or Get 10 days of free unlimited access to Lynda.com. for professional help and Excel Tutorials
***************

This Post Is Part Of The Life Insurance Movement Hosted by Good Financial Cents

Today I wanted to create a small spreadsheet that would help you determine how much you need in terms of life insurance. Why? Not only because it’s the cheapest type of life insurance, but also because it’s something that most of us unfortunately have to consider at some point and I thought it would be a nice way to give a few more examples of different excel functions. Let’s start with the actual case.

In general, as individuals, we buy life insurance for 2 main reasons:

-to pay off any debt
-to replace part of our income (in order to help our family or other dependents) – we will assume 50% in this case

So let’s start off with a fairly simple spreadsheet. I will ask the user to:

“Enter your annual income here”
“Enter the amount of life insurance your have”
“Enter your total debts including your mortgage here”

Then, I would start off by seeing if all debt can be paid, you can see here:

=IF(C5>=C6,”YES”,”NO”)

I will even add conditional formatting to have the cell in green if that first condition is met or in red if not:

Then, I will determine how much will be left and how much of that can be paid out annually over 20 years. I will assume that this amount generates a return of 4%. How will I do it? The PMT function as follows:

=PMT(rate, nb periods, pv, fv)

=PMT(0.04,20,life insurance – debts)

=PMT(0.04,20,C6-C5)

As you can see, this gives me an amount of $51,507 per year for 20 years, which is not bad would not entirely replace my income. Let’s give the user the option to decide the proportion of his income to be replaced:

Then I will determine if it is enough:

=IF(C12>=C4*C14,”YES”,”NO”)

If it is not sufficient, I will use the PV function to determine how much is missing from the current policy:

I will display 0 if nothing is missing:

=IF(C15=”YES”,0,formula)

The formula I will use is:

=PV(0.04,20,-(C4*C14-C12))

You can see the new result here:

And as always, I invite you to download the spreadsheet here

***************************************************

Look Good at Work and Become Indispensable Become an Excel Pro and Impress Your Boss


***************************************************

37 Feedbacks on "Determine Your Life Insurance Needs Thanks To This Excel Spreadsheet"

Whole Life Insurance Sucks… And The Reason Why We Have One!

[…] Determine Your Life Insurance Needs – Thx to Excel! […]



LIFE Foundation | A Successful Life Insurance Movement!

[…] Determine Your Life Insurance Needs – Thx to Excel!: This is an easy and free excel tool to determine how much you need in life insurance. You can even […]



Getting the Cheapest Term Life Insurance Policy | Article Column

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today! Tweet (function($) { $(function() { […]



How Do You Acquire the Cheapest Term Life Insurance Policy « My Article Monkey!

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances […]



How Do You Acquire the Cheapest Term Life Insurance Policy | NoToIdentityTheft.com

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today! This entry was posted in Insurance and tagged […]



Easy Plan Insurance - How Do You Acquire the Cheapest Term Life Insurance Policy

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances […]



amazing4articles.co.uk » How for You to Find the Cheapest Term Life Insurance Policy

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today! Didn't Find What You Are Looking For? Search […]



Getting the Cheapest Term Life Insurance Policy - The Debt Help Center

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today! Posts related to Getting the Cheapest Term Life […]



How for You to Find the Cheapest Term Life Insurance Policy - Easy Debt Elimination

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today! Posts related to How for You to Find the Cheapest […]



Auto Accident Lawyer in Ridgewood NY

My relatives always say that I am killing my time here at web, but I know I am getting know-how daily by reading such pleasant posts.



How for You to Find the Cheapest Term Life Insurance Policy

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today! Related Posts:Cheap Life Insurance – Any […]



Getting the Cheapest Term Life Insurance Policy | Insurance books

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today! This entry was posted in Life Insurances and […]



How Do You Acquire the Cheapest Term Life Insurance Policy | Insurance

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today!If you're new here, you may want to subscribe to […]



http://forum.panzer-archiv.de

Awesome! Its genuinely awesome paragraph, I have got much clear idea concerning from this paragraph.



Getting the Cheapest Term Life Insurance Policy | Law School case brief bank

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances today! Business, Finance, insurance, life insurance, […]



Getting the Cheapest Term Life Insurance Policy | Insured Yet

[…] expensive these days. But you can make an exemption and get the best price life insurance. Find the best life insurance price possible that suits your need and finances […]



slashdot.org

One other thing is that an online business administration diploma is designed for college students to be able
to smoothly proceed to bachelor’s degree courses.
The 90 credit education meets the lower bachelor diploma requirements then when you earn the associate of arts in BA online, you
will have access to the newest technologies in this particular field.
Some reasons why students would like to get their associate degree in business is because
they’re interested in this area and want to receive the general instruction necessary ahead
of jumping right bachelor college diploma program.

Many thanks for the tips you actually provide within your blog.



apply debt consolidation on this page

Congo being granyed debt consoldation loan on tthe 50th anniversary of independence is a unique
chance to break with the destructive behaviour of the past,
it is imperative to aid society these days. If homeownerss in the UK
that have the opportunity to focus on these milestones
as small successes so you feel the progress of Debt Consolidation Loaan
being granted. Searching with the personal loan on the Internet.



money tips, saving, saving tips, money saving tips, money, saving, tips,

Superb difficulties permanently, simply received a fresh visitor. What exactly might you propose with regards to this page for you to designed at times ago? Virtually any convinced?



Harvey Dufour

Hola! I’ve been following your web site for a
long time now and finally got the bravery to go ahead and give you a shout out
from New Caney Tx! Just wanted to mention keep up the fantastic job!



browser hijack

I read this paragraph completely concerning the difference of most up-to-date and
preceding technologies, it’s amazing article.



whole life insurance

I relish, cause I discovered just what I was having a look for.
You’ve ended my four day lengthy hunt! God Bless you man. Have a
great day. Bye



Sheri

A person essentially lend a hand to make severely articles I would state.
This is the very first time I frequented your website page and so far?
I surprised with the analysis you made to create this particular put up
incredible. Great task!



grand theft auto 5

This is very interesting, You are a very skilled blogger.
I have joined your feed and look forward to in the hunt for extra
of your magnificent post. Also, I’ve shared your website in my social networks



steam carpet cleaning

I have read so many articles or reviews about the blogger
lovers however this paragraph is genuinely a good paragraph, keep it up.



Bertie

Thanks for the suggestions you have contributed here. Furthermore,
I believe there are numerous factors that really keep your insurance premium
straight down. One is, to think about buying autos that are inside good
directory of car insurance organizations. Cars which can be expensive are definitely
more at risk of being stolen. Aside from that insurance is also in accordance
with the value of your automobile, so the more pricey it is, then higher
the particular premium you make payment for.

I have observed that car insurance firms know the vehicles which are at
risk of accidents and various risks. In addition they know what form of cars are prone to higher
risk and the higher risk they may have the higher a premium price.

Understanding the easy basics regarding car insurance will assist you to choose the right type of insurance policy that can take care of your needs
in case you become involved in any accident. Thank you for sharing the particular ideas on your own blog.

Thanks a ton for your post. I’d like to comment that the price of
car insurance differs from one insurance plan to
another, due to the fact there are so many different issues
which contribute to the overall cost. For example, the model and make
of the auto will have a huge bearing on the cost.
A reliable outdated family car will have an inexpensive premium
than a flashy sports car.
Thanks for the various tips provided on this blog site.
I have realized that many insurance providers offer consumers generous discounts if they prefer to insure more
and more cars together. A significant number of households include several cars or trucks these days, specifically those with more aged teenage kids still dwelling at home, and the savings with policies
can easily soon mount up. So it pays to look for a bargain.
One thing I’d like to say is the fact car insurance cancellation is a dreaded experience and if you’re doing
the proper things like a driver you may not get one.

Some individuals do get the notice that they are officially dropped by their own insurance company
and several have to struggle to get added insurance after the cancellation. Low-priced auto insurance rates tend to be hard to get after a cancellation. Understanding the main reasons for auto insurance
cancellation can help car owners prevent getting rid of in one of the most important privileges out there.
Thanks for the concepts shared via your blog.



Youtube

Hello There. I discovered your blog the usage of msn. This is a really
well written article. I will make sure to bookmark it
and come back to read extra of your helpful information. Thank you for the post.
I will certainly comeback.



facebook.com

great issues altogether, you simply received a new reader.

What could you suggest in regards to your post that you made some days
ago? Any certain?



hire a comedian

This is very interesting, You are an overly skilled blogger.
I’ve joined your feed and sit up for in the hunt for more
of your magnificent post. Also, I’ve shared your website in my social networks



insurance jokes

What’s up it’s me, I am also visiting this site on a regular basis,
this web page is really nice and the viewers are really sharing nice thoughts.



konig properties

Hello! I’ve been following your website for a long time now
and finally got the bravery to go ahead and give you a shout
out from Atascocita Texas! Just wanted to tell you keep up the excellent work!



discount freshwater aquarium supplies

Hello, always i used to check webpage posts here in the early hours in the dawn, as i like to find out more and more.



Justina

Something never done before, he also used his geometric pattern or symbol to design the
original entrance to the Great Pyramid, the King_s Chamber and its five ceilings, the Queen_s Chambers and its _niche_, the Grand
Gallery, the Antechamber and its granite stone slabs including the enigmatic protrusion symbol apparently carved at the north side an called
a _construction boss_. The product can also be mixed with
foundation for a luminous glow. While we will want a very consistent Ruby Red brand, we
might be willing to make the product cheaper for a private label customer to meet his need.



sex nung lon

I do accept as true with all of the concepts you’ve introduced to your post.
They are very convincing and can definitely work. Still, the posts
are very brief for beginners. May just you please extend them a little from
subsequent time? Thanks for the post.



DotNetNuke

DotNetNuke

Determine Your Life Insurance Needs Thanks To This Excel Spreadsheet | Experiments in Finance



Shela

So do not obtain harmful software program or unsecure apps, hack your Snapchat score online now – FREE!



Loan Consoldation | mesotheliomaattorneyillinois.xyz

[…] Determine Your Life Insurance Needs Thanks To This Excel … – Congo being granyed debt consoldation loan on tthe 50th anniversary of independence is a unique chance to break with the destructive behaviour of the past, […]



Comments

Please Leave a Comment!





Please note: Comments may be moderated. It may take a while for them to show on the page.