Life insurance needs calculator.

If you’re in the market for life insurance protection, it can be challenging to determine how much coverage is enough. Our calculator can help you determine the minimum coverage you’ll need based on your individual circumstances and goals as well other factors as age, income, debt, immediate- and long-term expenses, investments, and available resources.

The results and explanations generated by this calculator may vary due to user input and assumptions. For a more detailed financial analysis, click on the Contact an Agent button and a local New York Life agent will call you.

New York Life Insurance Company does not guarantee the accuracy of the calculators, results, explanations, nor applicability to your specific situation. Calculator results are hypothetical, based on assumptions which you choose. We recommend that you use this calculator as a guideline only.

Age, Income and Assumptions

Current annual income ($)
Spouse's annual income (if applicable) ($)
Spouse's current age (if applicable)
Spouse's desired retirement age (if applicable)
Investment return: (%)
Anticipated inflation rate: (%)

Immediate Cash Needs

Funeral expenses ($)
Final expenses ($)
Mortgage balance ($)
Other debts ($)

Long-Term Income Needs

Desired annual income needs
(typically 70-80% of current combined income) ($)
Number of years income is needed
College needs ($)

Available Resources

Investment assets ($)
Existing life insurance ($)
Include social security benefits?
Age of oldest child under 18
Age of second child under 18
Age of third child under 18
Age of fourth child under 18

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