Budgeting
Life Insurance Calculator
Estimate how much life insurance coverage you need by considering your income, debts, dependents, and future goals.
Enter your financial details to estimate how much life insurance might be right for your family's protection and peace of mind.
Budgeting
Try the calculator
Advanced housing costs
Example
For a family earning $90,000 with a $250,000 mortgage and children to educate, a $1 million+ policy is often recommended to cover both income replacement and debt payoff.
Results
Recommended coverage
$1,175,000
Est. monthly term premium
$705.00
Income replacement need
$900,000
Projection
Distribution view
Milestones
Decision cues
Breakdown
Cost mix
Result reading
The visual trend is moving up, with an approximate change of $895,000 across the period shown.
Planning cue
Use the output as a scenario test rather than a promise. Small input changes can materially change the result.
This is an estimate only. Actual insurance needs depend on your specific situation. Premium estimates are approximate and vary by age, health, term length, and insurance company.
How it works
What the result is showing you
These sections explain what the calculator measures, which assumptions matter most, and where the number can be misleading.
How to think about life insurance needs
A good starting point is 10-12 times your annual income, plus debts, plus future goals like college expenses. This helps ensure your family can maintain their lifestyle, pay off debts, and meet important financial goals if you are no longer there.
Term vs permanent insurance
Term life covers you for a set period like 10, 20, or 30 years and is generally affordable. Permanent life covers you for life and builds cash value but is significantly more expensive. For most families, term insurance provides the best protection per dollar.
What about stay-at-home parents?
Stay-at-home parents need coverage too. The cost of replacing childcare, housekeeping, and other household services can be substantial. Consider what it would cost to hire help for those responsibilities over many years.
FAQ
Frequently asked questions
Quick answers to the questions people ask most about this calculator.
How much life insurance do I really need?
A common guideline is 10-12 times your income plus debts and future goals like college. The exact amount depends on your specific situation, including savings, other income sources, and your family's needs.
Is term life insurance enough?
For most families, term life insurance provides excellent protection at an affordable cost. It covers your peak earning years when your family is most dependent on your income and when your debts are highest.
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