Insurance Calculator - How Much Life Insurance Do You Need?

How much life insurance do I need?

Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step may require the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short.


Age, Income and Assumptions
Current annual income ($)
Spouse's annual income (if applicable) ($)
Spouse's current age (if applicable)
Spouse's desired retirement age (if applicable)
Investment return: (%)
Anticipated inflation rate: (%)
Immediate Cash Needs
Funeral expenses ($)
Final expenses ($)
Mortgage balance ($)
Other debts ($)
Long-Term Income Needs
Desired annual income needs (typically 70-80% of current combined income) ($)
Number of years income is needed
College needs ($)
Available Resources
Investment assets ($)
Existing life insurance ($)
Include social security benefits?
Age of oldest child under 18
Age of second child under 18
Age of third child under 18
Age of fourth child under 18

DocuMatix , LLC and LGFCU do not assume any fiduciary duties or provide investment advice when you use the calculators and you are encouraged to seek professional financial and legal advice when making financial decisions. Calculations provided may differ from calculations provided by other institutions or advisors. DocuMatix , LLC and LGFCU disclaim all warranties with respect to the calculator and use thereof including any implied warranties of fitness for a particular purpose or merchantability. DocuMatix , LLC and LGFCU shall not be liable for any direct, indirect, incidental, consequential, punitive or other damages suffered by you due to your use of the calculator, including loss of profits. You agree to indemnify, defend and hold harmless DocuMatix , LLC and LGFCU from and against all claims, damages and liabilities related to your use of the calculator.