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Personal Finance/Life Insurance Needs Calculator

Life Insurance Needs Calculator

Calculate how much life insurance you need based on income replacement, debt, mortgage, and dependents.

COVERAGEDIME methodInflation adjustedExisting coverageFamily expenses
$
$
$
Credit cards, loans
$
$
Public ~$100K, private ~$220K
$
Avg: $7K-$15K
$
$
Include employer-provided
$
$1,562,338additional coverage needed
Est. monthly cost (20-yr term): ~$1,250/mo
Total Needs
Income Replacement$974,430
Debt Coverage$15,000
Mortgage Payoff$280,000
College Fund$702,909
Final Expenses$15,000
Emergency Fund$30,000
Total Needs$2,017,338
Offsets
Existing Insurance−$150,000
Savings & Investments−$80,000
Spouse Income Offset−$225,000
Term Life
Cheapest, pure coverage for 10-30 years
Whole Life
Lifetime + cash value, 5-15× more
Universal
Flexible premiums, cash value
Next Steps
Plan your estate
Life insurance payouts may be subject to estate tax — check your liability
Estate tax calc →
Data Source & Legal Disclaimer
Effective: 2026-01-01Last updated: 1 months agoUpdate: Annual
Sources: III — How Much Life Insurance Do You Need?

This calculator provides estimates only. Actual insurance costs depend on age, health, smoking status, and other factors. This is not financial advice — consult a licensed insurance agent.

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