Portfolio Insurance ?

[Bill Masi <billmasi@xxxxxxxx>]

I'm definitely feeling like I need some insurance.  Fire and flood, auto
and health are all covered and with today's AMZN close at 140, it seems
time for a nice policy of portfolio insurance. 

Especially since I oversee a couple of portfolios that have a cost basis as
far back as the 1940's and which can't be liquidated.

I'd like to buy a handful of LEAP puts that would work more-or-less in
tandem with the portfolios. (An x% loss in the equities to be offset by a
like gain in the options.)

You'd think a broker would have this kind of calculation at hand, but none
of the ones I deal with, wirehouses to Schwab, can come up with a number
that makes sense.

Can anyone on the list offer a formula - or a reference to more info - that
shows how many SPX options, at what strike might cover each $ 100,000 of
equity value?

Thanks in advance,

     Bill Masciarelli