Life Insurance Needs Calculator

Enter the annual income you want replaced, the replacement period, debts and other needs. Then subtract assets available for those needs and existing life insurance coverage.

Enter all amounts in one currency. Currency selection changes labels, not amounts or jurisdiction. No conversion is performed.

Range: 0–1,000,000,000
Range: 0–100
Range: 0–1,000,000,000
Range: 0–1,000,000,000
Range: 0–1,000,000,000
Range: 0–1,000,000,000

Enter your values to see an estimate. Enter 0 for amounts that do not apply.

How this calculator works

Total needs equal annual replacement income multiplied by years, plus debts and other needs. Available assets and existing coverage reduce that total. Additional coverage is never below zero.

Worked example

Replacing 50,000 annually for 10 years, plus 200,000 of debts and 10,000 of other needs, totals 710,000. Subtracting 100,000 of available assets and 200,000 of coverage leaves 410,000.

Assumptions and limits

Uses undiscounted income replacement and assumes assets and coverage are available when needed. Excludes inflation, investment returns, survivor benefits, policy restrictions and insurance underwriting. Avoid double-counting debts or resources.

How to choose your inputs

Choose the annual income your dependents would need replaced and a duration tied to their needs rather than automatically entering your whole salary. Add debts and other goals once, then identify assets and existing coverage actually available for those same purposes. Do not subtract an asset already committed to paying an expense that was left out of the needs total.

How to interpret your result

The result is an additional coverage estimate under an undiscounted needs model. Changing the replacement period can matter more than a small change in a final-expense estimate, so test that choice carefully. Review whether employer coverage continues if employment changes; product suitability, premiums and underwriting remain separate from the estimated coverage amount.

Primary references

This educational estimate uses your inputs. It is not individualized financial, tax, insurance, or investment advice, a lender offer, approval decision, or a promise of future results.

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