Life Insurance Needs Calculator

Find out how much life insurance coverage you need

Annual Income ($)Years of Income to ReplaceMortgage Balance ($)Other Debts ($)Children's Education Fund ($)Final Expenses ($)Existing Coverage ($)Existing Savings ($)

Coverage Needed

$1,075,000

$323/mo

Est. 20-yr term cost

$1,075,000

Coverage gap

📊 Breakdown

Income Replacement (10 yrs)$750,000

Debts & Mortgage$270,000

Education$50,000

Final Expenses$15,000

Total Needed$1,075,000

📚 Types of Life Insurance

Term Life: Pure death benefit for 10–30 years. Most affordable. Best for income replacement during working years.

Whole Life: Permanent coverage + cash value component. 5–15x more expensive than term.

Universal Life: Flexible premiums + permanent coverage + investment component. Complex.

Rule of thumb: 10–12x your annual income in coverage is a common starting point.

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⚠️ This is a rough estimate. Consult a licensed insurance professional for accurate quotes and advice tailored to your situation. Not financial advice.