Estimate How Much Life Insurance You May Need
Estimate a potential life insurance coverage need using your income, debts, future goals, existing coverage and savings.
Calculate My CoverageHow Much Life Insurance Coverage Could You Need?
Enter your own financial information below to create a starting estimate. All fields are optional, but more complete information can produce a more useful estimate.
Enter Your Financial Details
Use approximate figures if you do not have exact numbers available.
Your Estimate
Potential Life Insurance Coverage Need
Enter your financial information to personalize this estimate. The calculation is a planning tool and is not an insurance quote or personalized recommendation.
Estimate Your Coverage Need Step by Step
The calculator is designed to make a potentially complicated insurance planning question easier to approach. Enter your figures, review the result and adjust the assumptions to explore different situations.
Enter Your Income
Enter your annual income and choose the number of years you want to consider for income replacement.
Choose the Time Period
Move the years slider to reflect how long your family may need income replacement.
Add Your Debts
Include major outstanding debts that could become a financial responsibility for your family.
Add Future Goals
Consider future financial responsibilities such as education or other major family goals.
Subtract Existing Resources
Enter your current life insurance and savings or investments that may already provide financial support.
Review Your Estimate
Use the result as a starting point for thinking about your overall financial protection needs.
How the Life Insurance Calculator Estimates Coverage
The calculator follows a simple needs-based approach. It estimates the financial resources your family may need and then accounts for resources you already have.
Benefits of Estimating Your Life Insurance Need
A coverage estimate can give you a clearer starting point before comparing policies or discussing your financial protection with a qualified professional.
Understand Your Financial Gap
See how income replacement, debts and future goals can contribute to a potential coverage need.
Review Existing Coverage
Compare your current life insurance against a broader estimate of your potential financial needs.
Test Different Scenarios
Change your assumptions and instantly see how different financial situations affect the estimate.
Think About Family Protection
Consider the financial responsibilities that may continue even if your income is no longer available.
Put Savings in Context
Understand how your existing savings and investments may affect the amount of additional protection you consider.
Start Better Financial Conversations
Use the estimate as a practical starting point when reviewing your broader financial protection strategy.
See How the Formula Works
The figures below are only an example to demonstrate the calculation. They are not pre-filled into the calculator above.
Example Financial Details
What Can Change Your Life Insurance Need?
Your actual coverage need may be different from the calculator result. Several personal and financial factors can change the amount of protection that makes sense for you.
Term Life Insurance vs Permanent Life Insurance
Coverage amount is only one part of a life insurance decision. Different policy structures can serve different financial planning needs.
| Feature | Term Life Insurance | Permanent Life Insurance |
|---|---|---|
| Coverage period | Usually provides coverage for a selected term. | Designed to provide long-term coverage subject to policy terms. |
| Typical cost | Generally lower initial premiums than comparable permanent coverage. | Typically costs more because of its long-term structure and features. |
| Cash value | Traditional term policies generally do not build cash value. | Some permanent policies can build cash value subject to policy terms. |
| Common planning use | Income replacement, debts and family responsibilities during working years. | Long-term protection and other financial planning objectives. |
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Life Insurance Calculator Questions
Start With a Clearer Picture of Your Coverage Need
Enter your own numbers into the calculator and use the estimate as a starting point for your life insurance planning.
Calculate My Coverage