Life Insurance Needs Calculator

Estimate how much life insurance coverage you may need based on income, debts, and dependents.

This calculator estimates life insurance needs by combining income replacement (annual income × years to replace), outstanding debts, and anticipated future costs like education. It then subtracts any existing coverage to show the potential gap. The income replacement component ensures dependents can maintain their standard of living. Debt payoff ensures mortgages and loans don't burden survivors. Future costs account for planned expenses that would otherwise go unfunded.

Calculator

$
years
$
$
$
Estimated Coverage Need
$1,000,000
Income Replacement
$750,000
Debt Payoff
$200,000
Future Costs
$50,000
Total Needs
$1,000,000
Less Existing Coverage
-$0

Common use cases

  • Income replacement assumes no inflation adjustment or investment returns
  • Actual needs vary based on family situation, existing assets, and Social Security benefits
  • Does not account for funeral expenses or estate taxes
  • Existing coverage includes employer-provided and personal policies

This tool provides general informational estimates and is not insurance advice or a quote.