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For detailed instructions on using this spreadsheet, refer to: https://momanddadmoney.com/life-insurance-for-new-pa
If you have any trouble, email me at matt@momanddadmoney.com and I'll be happy to help.
om/life-insurance-for-new-parents.
Life Insurance Needs Planner
Current Parent 1 Passes Parent 2 Passes
Summary
Income 0 0 0
Savings 0 0 0
Expenses 0 0 0
Net Flow 0 0 0
Monthly Income
Parent 1 Net Pay
Parent 2 Net Pay
Monthly Savings
Retirement
College
Emergency Fund
Other
Monthly Expenses
Total Monthly Expenses
eeds Planner
Notes
These summary rows fill in automatically. You do not need to
enter anything here.
Only include income that actually goes towards expenses.

Current Parent 1 Passes Parent 2 Passes
Summary
Income 0 0 0
Savings 0 0 0
Expenses 0 0 0
Net Flow 0 0 0
Monthly Income
Parent 1 Gross Income
Parent 2 Gross Income
Pre-Tax Deductions (outlined on pay stub)

401(k)/403(b)/457(b)
HSA
Health Insurance
Dental Insurance
FSA
Vision
Life Insurance
Long-Term Disability Insurance
Other
Taxes (outlined on pay stub)

Federal Withholding
State Withholding
Social Security
Medicare
Other
Monthly Savings
Roth IRA - Parent 2
Traditional IRA - Parent 2
Roth IRA - Parent 1
Traditional IRA - Parent 1
Taxable Investments
Emergency Fund
529 Plan
HSA
Other Savings
Household Expenses
Mortgage/Rent
Condo Fees
Property Taxes
Home Maintenance
Furniture & Home Decor
Gardening
Groceries
Meal Service
Household Supplies
Electricity
Gas
Water
Trash
Internet
Cable
Phone
Domestic Help
Other
Personal Expenses
Memberships & Dues
Medical Expenses
Education
Clothing
Laundry
Personal Care
Gym
Pets
Books
Sports & Hobbies
Other
Kids
School Expenses
Day Care
Babysitting
Clothing
Other
Transportation
Gas (Car)
Public Transportation
Parking/Tolls
Car Maintenance
Other
Insurance
Health
Dental
Auto
Life
Disability
Homeowners/Renters
Private Mortgage Insurance
Umbrella
Long Term Care
Debt
Student Loans
Credit Cards
Auto Loans
Other
Other
Financial Planning
Business
Eating Out
Entertainment
Travel
Merchandise/Misc
Electronics & Software
Gifts
Giving
Subscriptions
Bank Fees
Shipping & Handling
Cash/ATM
Other
eeds Planner
Notes
These summary rows fill in automatically. You do not need to
enter anything here.
Only include income that actually goes towards expenses.

Debt Parent 1 Balance Parent 2 Balance
Mortgage
Credit Cards
Student Loans
Auto Loans
Medical Bills
Other Debts
Parent 1 Passes Amount Parent 2 Passes Amount

Annual Income Needed 0 Annual Income Needed 0
Years of Income Needed Years of Income Needed
Lump Sum Needed Amount Lump Sum Needed Amount

Debt 0 Debt 0
End of Life Expenses 20,000 End of Life Expenses 20,000
Education Education
Other Other
Insurance Need Amount Insurance Need Amount

Lump Sum 20,000 Lump Sum 20,000
Income 0 Income 0
TOTAL 20,000 TOTAL 20,000
Social Security Amount Social Security Amount

SS Annual Estimate SS Annual Estimate
Years of SS Years of SS
Covered Amount Covered Amount

Savings Available 0 Savings Available 0
Other Life Insurance 0 Other Life Insurance 0
SS Insurance Equivalent 0 SS Insurance Equivalent 0
TOTAL 0 TOTAL 0
TOTAL NEED 20,000 TOTAL NEED 20,000
Assumptions
*Inflation is based on the yield spread between 30-year nominal Treasuries and TIPS as of 2/2/2018.
-Source for nominal yields: http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?d
-Source forreturn
^Investment TIPSassumes
yields: http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data
a 30/30/40 split between stocks, bonds, and cash. Stocks are assumed to be split 50/50 between
International, bonds are assumed to be 10 year US Treasury bonds, and cash is assumed to earn 1%. Expected stock and bon
were taken from this page on 2/5/2018: http://www.bogleheads.org/wiki/Historical_and_expected_returns.
Variables
Inflation* 2.18%
Investment Return^ 3.73%
tes/Pages/TextView.aspx?data=yield
/Pages/TextView.aspx?data=realyield
ed to be split 50/50 between US and
1%. Expected stock and bond returns
eturns.
Parent 1 Passes Amount Parent 2 Passes Amount

Annual Income Needed 0 Annual Income Needed 0
Years of Income Needed Years of Income Needed
Lump Sum Needed Amount Lump Sum Needed Amount

Debt 0 Debt 0
End of Life Expenses 20,000 End of Life Expenses 20,000
Education Education
Other Other
Insurance Need Amount Insurance Need Amount

Lump Sum 20,000 Lump Sum 20,000
Income 0 Income 0
TOTAL 20,000 TOTAL 20,000
Social Security Amount Social Security Amount

SS Annual Estimate SS Annual Estimate
Years of SS Years of SS
Covered Amount Covered Amount

Savings Available 0 Savings Available 0
Other Life Insurance 0 Other Life Insurance 0
SS Insurance Equivalent 0 SS Insurance Equivalent 0
TOTAL 0 TOTAL 0
TOTAL NEED 20,000 TOTAL NEED 20,000
Assumptions
*Inflation is based on the yield spread between 30-year nominal Treasuries and TIPS as of 2/2/2018.
-Source for nominal yields: http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?d
-Source forreturn
^Investment TIPSassumes
yields: http://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data
a 30/30/40 split between stocks, bonds, and cash. Stocks are assumed to be split 50/50 between
International, bonds are assumed to be 10 year US Treasury bonds, and cash is assumed to earn 1%. Expected stock and bon
were taken from this page on 2/5/2018: http://www.bogleheads.org/wiki/Historical_and_expected_returns.
Variables
Inflation* 2.18%
Investment Return^ 3.73%
tes/Pages/TextView.aspx?data=yield
/Pages/TextView.aspx?data=realyield
ed to be split 50/50 between US and
1%. Expected stock and bond returns
eturns.

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Here's how to make a copy of this spreadsheet for your own use:

1. Click File in the top menu.

For detailed instructions on using this spreadsheet, refer to: https://momanddadmoney.com/life-insurance-for-new-pa

Only include income that actually goes towards expenses.

Pre-Tax Deductions (outlined on pay stub)

Taxes (outlined on pay stub)

Only include income that actually goes towards expenses.

Parent 1 Passes Amount Parent 2 Passes Amount

Lump Sum Needed Amount Lump Sum Needed Amount

Insurance Need Amount Insurance Need Amount

Social Security Amount Social Security Amount

Covered Amount Covered Amount

TOTAL NEED 20,000 TOTAL NEED 20,000

Parent 1 Passes Amount Parent 2 Passes Amount

Lump Sum Needed Amount Lump Sum Needed Amount

Insurance Need Amount Insurance Need Amount

Social Security Amount Social Security Amount

Covered Amount Covered Amount

TOTAL NEED 20,000 TOTAL NEED 20,000

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