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Life Insurance Calculator – How Much Do I Need?

by Updated on October 31, 2014

Life Insurance CalculatorWe have two life insurance calculators to help you determine your life insurance needs.

… a simple income replacement calculator and another that considers additional variables.

  1. 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.
  2. 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.

Life Insurance Calculator (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

Income Replacement (Only) Calculator

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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Chris Huntley

3 comments… add one
  • Clia June 6, 2017, 5:57 pm

    Looking to purchase policy for spouse

    Reply Link
    • Randy McClintick June 12, 2017, 10:01 am

      Thank you for visiting JRC’s life insurance website.

      We’ll be glad to help you shop for life insurance for your spouse. Call JRC at (855) 247-9555 and an agent licensed for your state will gather the information to email price comparisons for highly rated companies for the amount of coverage you need to protect your financial future.

      Reply Link

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This site provides term life insurance quotes. Each rate shown is a quote based on information provided by the carrier. By requesting a quote, you agree to the JRC Insurance Privacy Policy and Terms of Use. By submitting your personal information, you are making a consumer inquiry for life insurance by licensed insurance agents. You consent and expect to be contacted by a licensed agent via phone, email, text, or direct mail. JRC Insurance Group will not sell your information to a third party. Any health or personal information shared is protected by applicable HIPAA privacy laws and regulations.

Invitation for application for life insurance on jrcinsurancegroup.com are made through its designated agents. In California and in New York, JRC Insurance Group is licensed as JRC Life Insurance Services. In Massachusetts as JRC Insurance Group, Inc. In North Dakota as JRC Insurance Services, Inc. In Rhode Island, all invitations for applications will be submitted by your licensed agent. Additional licenses are available upon request. Commercial use by others is prohibited by law. No portion of Jrcinsurancegroup.com may be copied, published, faxed, mailed or distributed in any manner for any purpose without prior written authorization from the owner.

Life insurance policies described, quoted, shown, and illustrated throughout this website are not available in all states and may include those issued by: American General Life; Banner Life Insurance Company, Urbana, MD, and William Penn Life Insurance Company, Garden City, NY, both Legal & General America companies; United of Omaha Life Insurance Company, Omaha, NE, a Mutual of Omaha affiliate company; Fidelity Life Association, A Legal Reserve Life Insurance Company, Oak Brook, IL; Lincoln Life & Annuity Insurance Company of New York, Syracuse, NY and The Lincoln National Life Insurance Company, Fort Wayne, IN, both insurance company affiliates of Lincoln National Corporation, whose marketing name is Lincoln Financial Group; First MetLife Investors Insurance Company, New York, NY, MetLife Investors USA Insurance Company, Irvine, CA and Metropolitan Life Insurance Company, New York, NY, all three members of the MetLife family; Protective Life and Annuity, Birmingham, AL; Pruco Life Insurance Company, Newark, NJ and Pruco Life Insurance Company of New Jersey, Newark, NJ, member companies of Prudential Financial, Inc., Newark, NJ; VOYA Life Insurance Company, Minneapolis, MN, VOYA Life Insurance Company of New York, Woodbury, NY and Security Life of Denver Insurance Company, Denver, CO, member of the ING family of companies; Transamerica Financial Life Insurance Company, Harrison, NY, and Transamerica Life Insurance Company, Cedar Rapids, IA, both AEGON companies.

*Rates and time taken to qualify and purchase a life insurance policy vary by product and underwriting requirements.