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How much life insurance is enough?

The Consumer Federation of America (CFA, 1997) recommends 6 to 8 times your income for a married couple with children. While rules of thumb may be helpful, they do not take each individual's situation into consideration. This calculator provides a quick and simple method to estimate the amount of life insurance you will need.

This life insurance calculator should be used only as a guide and should not be considered a recommendation.

Life Insurance Needs Calculator  Click here for more information about our life insurance needs calculator.

If you died today, how much money would your family need to cover the following expenses?

Life Insurance Needs Calculator IMMEDIATE INCOME NEEDS:
Estate Administration Expenses/Fees
Emergency Fund
(for an unexpected crisis, such as a major illness)
Pay Off Mortgage
Pay Off Loans And Debt
(auto loans, credit card, personal loans, etc.)
Life Insurance Needs Calculator INCOME REPLACEMENT:
Annual Income Replacement Needed:
(after tax; today's dollars)
Number of Years of Income Is Needed            
Annual Growth Rate of Insurance Fund
(after tax annual rate of return applied to the insurance fund that provides the replacement income)
Expected Inflation Rate
(long term historical inflation rate is about 4%)
Life Insurance Needs Calculator CHILDREN'S EDUCATION FUNDS:
Number of Children Requiring College Education Funding            
Life Insurance Needs Calculator FUNDS AVAILABLE AT DEATH:
Savings, CD's,  Bonds,  Mutual Funds, Stocks, Etc.
(non-retirement funds)
Retirement Funds
(if you want to leave these for your spouse at retirement, enter 0)
Current Life Insurance On Your Life
(not to be replaced)
Other Liquid Assets


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