Life Insurance Needs Calculator
Determine how much life insurance you need based on your financial obligations and existing assets
Your Information
Personal & Family Details
How many years of income replacement needed
Add Financial Obligations
vs ongoing obligation
Add Existing Assets
Ready to Calculate?
Enter your personal information, financial obligations, and assets to determine your life insurance needs.
Disclaimer: This calculator provides estimates for educational purposes only. Actual life insurance needs may vary based on individual circumstances, family situation, and financial goals. Life insurance recommendations should consider both current and future needs. Consult with qualified insurance professionals for personalized coverage advice and product selection.
Understanding Life Insurance Needs
A flat "10x your income" rule of thumb ignores what actually determines how much your family would need — outstanding debt, dependents' ages, a spouse's income, and existing savings all matter. A needs-based calculation, adding up your real financial obligations and subtracting what you already have, gives a far more accurate coverage target.
This calculator walks through that math explicitly — your mortgage, other debts, income replacement, final expenses, and an emergency fund on one side, your liquid and non-liquid assets on the other — so you can see exactly where your recommended coverage number comes from.
How This Calculator Works
Enter your income, age, dependents, and spouse's income, then add your specific financial obligations (mortgage, debts, college funding, etc.) and existing assets. The calculator automatically adds estimated income replacement, final expenses, and an emergency fund to your obligations, subtracts your liquid assets to find your primary coverage need, and also shows an "optimal" figure (using all assets) and a more conservative "budget-friendly" figure.