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Insurance Needs Calculator.

Since everyone’s life insurance needs are different, the following calculator can help estimate the minimum amount of coverage required by looking at your income, assets, debt—and a variety of other important factors.

My Information

The total amount of money you earn in a year.
The amount you currently owe on your home. If you rent your home, enter 10 years’ worth of rent (monthly rent x 120).
The total amount of your outstanding debt. This may include outstanding credit card balances, student loans, bank/personal loans, car loans, etc.
The anticipated or current higher education cost for all dependents: This may include tuition, room and board, transportation, and fees. If you’re not sure, you may want to use an average of $30-40k.
The number of years of income you would like to protect.

Instructions

Enter the requested information in the boxes on the left, then click the "calculate" button to see your results.

TIP: If you aren’t sure what to enter, just click on the information icon for further guidance.

Calculating...

Results: 0

Congratulations! It appears that you have saved enough to meet your goal. In fact, it appears that at age 00 you will still have 0 in your retirement accounts.

View calculation output as: Chart Data Table
Enter inputs on the left.

Error

This is for your general informational purposes only. Final expenses are based on the national average (SmartAsset, May 2018 [https://smartasset.com/life-insurance/how-much-does-the-average-funeral-cost]). Income replacement is based on 70% of annual income adjusted for 2% inflation (U.S. Bureau of Labor Statistics [https://data.bls.gov/timeseries/CUUR0000SA0L1E?output_view=pct_12mths]).

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Connect with a financial professional

Now that you’ve seen the numbers for yourself, it’s often best to consult a financial professional who can help further assess your needs and find a solution that works for you.

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