Free tool
How much life insurance do I need?
Life insurance needs calculator
Your starting estimate
$1,245,000
of additional life insurance coverage to consider
- Income for 15 years
- $900,000
- Debts
- $400,000
- Goals
- $50,000
- Final expenses
- $20,000
- Existing coverage
- $100,000
- Savings
- $25,000
- Estimated gap
- $1,245,000
A starting point only — not a recommendation. Nothing you enter is stored or sent.
Method: need = (yearly income × years) + debts + goals + final expenses − existing coverage − savings. The starting values are examples only. This is general information, not advice — read more about life insurance or term vs permanent coverage.
About this calculator
How it works
How is the life insurance estimate calculated?
It adds the yearly income your family would need multiplied by the number of years, your debts, goals such as education, and final expenses. It then subtracts life insurance you already have and savings your family could use. What's left is the gap to consider covering.
Why doesn't the calculator include inflation or investment returns?
To keep it simple and transparent. In reality, inflation raises future costs while a lump sum can earn a return, and the two partly offset each other. A full needs analysis can model both, along with taxes and government survivor benefits, for a more precise figure.
Is the result a recommendation?
No. It's a starting point for a conversation. The right amount also depends on your health, budget, how long the need lasts and whether term or permanent coverage suits you. A review of your situation turns the estimate into a recommendation.
Let’s talk about your family’s plans.
A relaxed first conversation about where you are and where you'd like to be. Bring your questions — and your family, if you like.
Your message comes straight to me.— Rahul
- savanirahul42@gmail.com
- English · ગુજરાતી · हिन्दी
- Ontario, Canada