Life Insurance Needs Calculator

Having trouble deciding on the amount of life insurance your family will need in your absence? Then you’ve come to the right place!

How the Life Insurance Needs Calculator Works

In less than one minute, our Life Insurance Needs Calculator will recommend a coverage amount based upon your information. The calculation results represent the amount of life insurance coverage needed to support your family goals. This valuable tool considers key life event factors like funeral expenses and your children’s education. In addition, it calculates the money needed to pay for regular household expenses such your mortgage. Futher, if desired, the tool can include enough coverage to allow your spouse to retire early and focus on caring for your family.

What You Need to Do

First, you will need to decide the total payment your family will need. This payment represents the check amount your family will receive when you’re gone. Fortunately, you don’t have to worry about figuring this out on your own. The Life Insurance Needs Calculator walks you through the important factors you should consider for coverage. Our goal is to make sure your insurance policy is large enough to cover the items you feel are important.

Next, gather your family information for each of the items in the “Calculation Factors” section below. When you having everything together before you start, the form completion will go faster. When you’re ready, enter your information into the calculator tool in the right margin of this page. Then, review your recommended coverage amount.

And finally, you can complete our instant quote form or call us to find the insurance carrier that best fits your specific insurance needs. With access to all of the top rated life insurance companies, we always find the lowest rates available.  We are confident that we can help you save up to 58% on life insurance! Then you can enjoy peace of mind knowing that your family is protected. You can find more information on our streamlined process here.

Calculation Factors

As we mentioned, our Life Insurance Calculator tool considers several factors to suggest coverage amounts. By examining each factor, you can gain a clear understanding of your family needs. For example, should the insurance policy pay off your home mortgage or other debt?

The following list identifies the types of expenses you may want your insurance policy to consider. Enter amounts into the calculator for the items you want included in your insurance proceeds. If you don’t need insurance for the item, enter zero.

Family Expenses If You Die

  • Estimated Funeral Expenses
  • Outstanding Debt (do not include mortgage)
  • Outstanding Mortgage
  • Number of Children Who Will Attend College
    • Current Age of Each Child Who Will Attend College
    • Type of College (public or private)

Annual Income Needed If You Die Today

  • Total Annual Income (Does your family need to replace your annual salary?)
  • Years Income Needed (How many years is the annual income needed?)
  • Current Savings and Investment Amounts (excludes retirement funds)
  • Current Retirement Savings
  • Amount of Existing Life Insurance Coverage (for individual considering new policy)

Spousal Income

  • Annual Income for Spouse (assumes spouse will continue to work)
  • Years Spouse Will Work (assumes spouse will continue to work)
  • Marginal Tax Rate of Spouse

Extra Information

  • Estimated Inflation Rate
  • After-Tax Net Investment Yield

Life Insurance Coverage Scenarios

Sometimes it’s difficult to decide on the types of expenses you want covered by life insurance. So, don’t hesitate to run multiple scenarios to see how your coverage amount changes. We encourage you to run our Life Insurance Needs Calculator as many times as you need to feel comfortable with the results.

Still not sure? Then you can call us at 800-977-8902 to discuss your concerns. We are here to help you find the coverage that best supports your family goals.