Life Insurance Calculator - How Much Life Insurance Do I 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. This life insurance calculator will help you determine the policy that is right for you.

Age, Income and Assumptions

Current annual income ($)

Spouse's annual income (if applicable) ($)

Spouse's current age (if applicable) (0 to 100)

Spouse's desired retirement age (if applicable) (0 to 100)

Investment return (-12% to 12%)

Anticipated inflation rate (0% to 10%) help

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 (1 to 70)

College needs ($) help

Available Resources

Investment assets ($)

Existing life insurance ($)

Include social security benefits? help

Age of oldest child under 18 (0 to 17)

Age of second child under 18 (0 to 17)

Age of third child under 18 (0 to 17)

Age of fourth child under 18 (0 to 17)