Life Insurance Needs Calculator — How Much Coverage Do You Need?
Our life insurance needs calculator estimates the right coverage based on income, debts, dependents, and goals. Most advisors recommend 10–12× annual income as a baseline. Per LIMRA, most Americans underestimate how much life insurance they need.
What Does the Calculator Include?
The life insurance needs calculator covers: income replacement, mortgage payoff, debts, childcare, education, final expenses, and existing coverage. Review results alongside disability insurance and long-term care planning.
After You Calculate
Once you know your coverage target from the life insurance needs calculator, get a free quote or contact Tom to compare rates from multiple carriers.
Estimate Life
Insurance Needs
Every family has unique circumstances. Use this form to estimate the income you will need to replace and the major expenses you want to plan for.
Step 1: Income Needs
Estimate the income you will need to replace if you or your partner passed away.
Income your family would need to replace.
Additional income streams to replace.
Number of years your beneficiaries need support.
Step 2: Major Expenses
Estimate major expenses you may leave behind or want to plan ahead for.
Typically the greater of $15,000 or 4% of your estate.
Balance to be paid off.
Credit cards, car loans, home equity, etc.
Estimated funds needed for dependents’ education.
Step 3: Assets
Assets that would be available to help offset the financial needs.
Include real estate, retirement plans, investments.
Current policies in force.
Your Needs
Spouse Needs
Life Insurance Needs Estimate
Your Requirement
Spouse Requirement
Detailed Breakdown
| Category | You | Your Spouse |
|---|---|---|
| Income Replacment | ||
| Total Income to Replace (Income * Years) | $0 | $0 |
| Major Expenses | ||
| Final Expenses | $0 | $0 |
| Mortgage | $0 | $0 |
| Loans & Debts | $0 | $0 |
| College Costs | $0 | $0 |
| Total Expenses: | $0 | $0 |
| Assets to Offset Needs | ||
| Savings & Investments | ($0) | ($0) |
| Existing Life Insurance | ($0) | ($0) |
| Total Assets: | ($0) | ($0) |
| Life Insurance Requirement: | $0 | $0 |
Next Steps
This analysis highlights your family’s potential income needs. Contact Fish Creek Life today to review these results with a licensed agent and find the right coverage for your budget.
