Life Insurance Calculator

Calculate life insurance needs from income, debts, future expenses and current savings — see coverage needed and monthly cost estimate.

Life Insurance Calculator

Calculate life insurance needs from income, debts, future expenses and current savings — see coverage needed and monthly cost estimate.

Annual income to replace($)

Years to replace

Debts to cover($)

Current savings($)

Enter values above and click Calculate — results will appear here with the formula explained.

Needs = income*years + debts - savings; Income replacement dominates

How does this work?

Life insurance needs is income times years to replace plus debts minus existing savings and current life insurance. This ensures family can maintain lifestyle and clear debts.

This is simplified DIME (Debt, Income, Mortgage, Education) without mortgage/education breakdown. For YMYL, get term quote: 20-year term for 35-year-old healthy is often $20-40/mo per $500k.

Needs vary with spouse income, kids ages and existing coverage. Run 10, 15 and 20-year horizons to see range, and confirm with licensed agent, not just this estimate.

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Disclaimer: Results are estimates for informational purposes only and do not constitute professional financial advice.

Quick Answer

Life Insurance Calculator computes calculate life insurance needs from income, debts, future expenses and current savings — see coverage needed and monthly cost estimate. Formula: Needs = income*years + debts - savings. Example: With $75k income for 15 years ($1.

How to Use This Calculator

1Enter annual income to replace, years your family needs it, debts to cover and current savings/investments.
2Calculate to see total coverage needed and recommended term length based on youngest child age.
3Compare 10 vs 20-year term: longer costs more but locks rate while young and healthy.

Formula Used

Needs = income*years + debts - savings; Income replacement dominates

Life insurance needs is income times years to replace plus debts minus existing savings and current life insurance. This ensures family can maintain lifestyle and clear debts.

This is simplified DIME (Debt, Income, Mortgage, Education) without mortgage/education breakdown. For YMYL, get term quote: 20-year term for 35-year-old healthy is often $20-40/mo per $500k.

Needs vary with spouse income, kids ages and existing coverage. Run 10, 15 and 20-year horizons to see range, and confirm with licensed agent, not just this estimate.

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Worked Example

With $75k income for 15 years ($1.125M) + $25k debts - $50k savings = $1.1M coverage needed. 20-year term often recommended if kids under 10.

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Frequently Asked Questions

QHow much is typical?

10-12× annual income is common rule. $75k ×10 = $750k, plus debts.

QTerm vs whole?

Term is pure protection, cheaper. Whole has cash value but costs 5-10× more.

QWhen to reduce?

As kids age and mortgage drops, needs fall. Re-evaluate every 5 years.

Formula Used

Needs = income*years + debts - savings; Income replacement dominates

Life insurance needs is income times years to replace plus debts minus existing savings and current life insurance. This ensures family can maintain lifestyle and clear debts.

This is simplified DIME (Debt, Income, Mortgage, Education) without mortgage/education breakdown. For YMYL, get term quote: 20-year term for 35-year-old healthy is often $20-40/mo per $500k.

Needs vary with spouse income, kids ages and existing coverage. Run 10, 15 and 20-year horizons to see range, and confirm with licensed agent, not just this estimate.