Life Insurance Needs Calculator
Calculate how much life insurance coverage you need based on income, debts, dependents, and existing coverage.
Insurance Needed
$1,220,000.00
Estimated Monthly Premium
$793.00
30-yr term, age ~35
Recommended Term
15-year term
Insurance Needs Breakdown
| Income Replacement | $750,000.00 |
| Mortgage Payoff | $250,000.00 |
| Outstanding Debts | $15,000.00 |
| Funeral / Final Expenses | $25,000.00 |
| College Fund | $200,000.00 |
| Total Needs | $1,240,000.00 |
Existing Resources
| Existing Life Insurance | $0.00 |
| Liquid Savings | $20,000.00 |
| Total Resources | $20,000.00 |
| Coverage Gap (Insurance Needed) | $1,220,000.00 |
Premium Estimate Note
Estimated premium is based on ~$0.50-$1.00 per $1,000 of coverage for a healthy 35-year-old on a 30-year term policy. Actual rates vary significantly by age, health, smoking status, and provider.
Use the Life Insurance Needs Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.
Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.
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