Life Insurance Needs Calculator
Calculate how much life insurance coverage you need to protect your family’s financial future. Determine optimal coverage based on income, debts, expenses, and financial goals.
Step 1: Personal & Financial Information
Understanding Your Coverage Needs
Life insurance should cover 10-15 times your annual income, plus outstanding debts and future expenses like education. This ensures your family maintains their lifestyle.
Step 2: Expenses & Assets
About Life Insurance Types
Term life insurance provides coverage for a specific period, while permanent life insurance (whole/universal) offers lifetime coverage with cash value accumulation. Term is generally more affordable.
Insurance Coverage Results
Recommended Life Insurance Coverage
Life Insurance Policy Comparison
| Policy Type | Term Length | Estimated Monthly Premium | Coverage Amount |
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Coverage Needs Breakdown
Life Insurance Formula
Coverage = (Income × Years) + Debts + Education + Final Expenses – (Assets + Existing Insurance)
To calculate coverage needs: Multiply annual income by years needed, add all debts and expenses, then subtract existing assets and insurance.
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