We have two life insurance calculators to help you determine your life insurance needs.
… a simple income replacement calculator and another that considers additional variables.
- Simple Income Replacement Method – Calculate a percentage of your income you need replaced for a specified period of time, for your family to live comfortably. Use this calculator for a simple income replacement calculation.
- Multiple Variable Approach – Calculate the amount it will take to replace your income, pay for funeral and final expenses, and include money to pay off debts (such as a mortgage) and college needs. Then subtract the total amount required by your current assets and life insurance. Use this calculator for multiple variables.
This calculator factors in many variables to help you determine the amount of life insurance you need, including:
- Paying off your mortgage and other debts
- College needs
- Final expenses
While many professionals recommend that you carry 5 to 10 times your salary in life insurance, we find the following calculator to be a more accurate predictor of your life insurance needs.
Most peoples’ family would live comfortably on less than 100% of their income.
That’s what makes this calculator so powerful. It allows you to choose a percentage of your income to replace and how long it’s needed.
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