Coverage Amount Calculator
Calculate your insurance coverage needs with our comprehensive calculator. Estimate coverage amounts based on income, debts, expenses, and financial goals.
Step 1: Financial Information
Understanding Coverage Needs
Your insurance coverage should account for income replacement, outstanding debts, future expenses, and final expenses. This ensures your family’s financial stability.
Step 2: Personal Details & Existing Coverage
About Coverage Calculation
The recommended coverage amount is calculated based on your income replacement needs, outstanding debts, future expenses, and existing coverage.
Coverage Calculation Results
Recommended Coverage Amount
Insurance Coverage Type Comparison
| Coverage Type | Typical Term | Monthly Premium* | Best For |
|---|
*Estimated monthly premium for a 35-year-old non-smoker with recommended coverage amount
Coverage Amount Breakdown
Coverage Calculation Formula
Coverage = (Annual Income × Years) + Outstanding Debts + Future Expenses – Existing Coverage
To calculate your recommended insurance coverage amount, multiply your annual income by the number of years you want to replace income, then add outstanding debts and future expenses, and subtract any existing life insurance coverage.
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