Welcome to the Life Insurance Needs Calculator!

This calculator is designed to help you determine the appropriate amount of life insurance coverage you need based on your financial situation, family structure, and future goals. Life insurance plays a crucial role in ensuring your loved ones are financially secure in the event of your passing.

Follow the prompts to fill in your financial information. Click "Start" to begin.

Disclaimer: The Life Insurance Needs Calculator provided on this website is intended for informational and educational purposes only. It is designed to help users estimate their potential life insurance needs based on the information entered. However, the results generated by this calculator are estimates and should not be considered financial advice. Users are encouraged to consult with a qualified financial advisor or insurance professional to discuss their specific circumstances and obtain personalized advice tailored to their financial situation. The calculator does not take into account all factors that may influence life insurance needs, including individual financial goals, existing insurance coverage, health status, or changes in personal circumstances. By using this calculator, you acknowledge that you understand and accept the limitations of the tool and that the accuracy of the results depends on the information provided. The website and its creators are not responsible for any decisions made based on the calculator's outputs.

Life Insurance Needs Calculator

Estimate the amount your family would need to cover daily expenses. Typically, this is around 60-80% of your take-home income. Exclude college savings, childcare, or debts like a mortgage, as these will be addressed separately.

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Life Insurance Needs Calculator

Consider how long your family will need this financial support. If you have children, you might want to provide for them until they finish high school, college, or beyond.

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Life Insurance Needs Calculator

Consider things like outstanding mortgage, private student loans, credit card balances, car loans, etc.

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Life Insurance Needs Calculator

Think about the expenses associated with childcare services in your local area and the duration for which you will require them. If you are a stay-at-home parent, you will likely need to arrange for childcare if you are no longer available to care for your children. Remember that childcare requirements will evolve as your children grow. While younger children may require full-time childcare, this may become unnecessary as they age and can stay home alone while you work.

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Life Insurance Needs Calculator

If you don’t already have one, it’s a good idea to set aside at least three to six months’ worth of expenses in your emergency fund.

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Life Insurance Needs Calculator

Select the number of children you plan to send to college, along with the corresponding details. Click Next to Skip question if does not apply to you.

Life Insurance Needs Calculator

Consider costs such as a funeral, burial, or other related expenses.

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Life Insurance Needs Calculator

Include any existing life insurance coverage you already have through your employer or other policies.

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Final Review

Thank you! Review your results below:

Total Insurance Needed: