Taboola

Life Insurance Calculator

Not sure how much life insurance coverage is right for you? Our Life Insurance Calculator can help give you a good estimate of what your financial liabilities are, and how much coverage would be suitable for your needs and your family’s need.

Your Life Insurance Needs

Total liability and cash needs +

$

Amount of income needed by your survivors

$

Total capital required to meet your cash and income needs

$

- Total assets

$

Total capital required to meet your cash and income needs

$

Immediate Cash Needs


(include lawyer fees and any final taxes owing at death)


(deduct any existing creditor life insurance on that mortgage)


(credit cards, lines of credit, bills)


(as an estimate use $10,000 to $15,000 a year per child, less any current education savings)


(funds need to cover any unplanned events)

Ongoing Income Needs


(as an estimate use 60% to 70% of your current annual income)


(as an estimate you can use the number of years until your children become independent or the number of years to retirement)

Current Assets


(include personal insurance as well as group insurance under an employee plan)