Life Insurance Needs Calculator -
A few seconds can save you lots of time.



Quick Life Insurance Calculator
Annual Income:
Multiplier:
Recommendation:

How to use a life insurance calculator or term life insurance calculator.

Most insurance agents or consultants use a standard format when applying your information to a life insurance calculator or term life insurance calculator. Typically 8 to 10 times your annual salary would be the minimum amount of insurance you should have to protect your loved ones. If you have lots of debt, business obligations, or several children, that formula can increase to as high as 12 to 15 times your annual income. For a more exact calculation, use the life insurance needs calculator provided below.

National Society of Agents for Consumer Education Life Insurance
Needs Calculator

 
Step 1. Evaluate Your Income and Assets
What is your current income?

$

How many years will your spouse need your annual income?

 

Current investment income (Rental Properties, Dividends, Annuities, etc.)

$

Existing liquid assets - All assets that can be turned into cash within 3 months
(We recommend you not liquidate retirement accounts due to tax penalties)

$

The amount of your existing life insurance coverage:

$


Step 2. Evaluate Your Debts and Expenses
Outstanding mortgage balance:

$

Outstanding loans:

$

Final expenses: (Medical, Funeral, Taxes)

$


Step 3. Evaluate Your Child Support College Expenses
*We suggest an average annual tuition cost of $15,000 - $20,000 per year
Child: Monthly child cost: Years child will require support: College expenses:
1

$

years
2 $ years
3 $ years
4 $ years
5 $ years

Additional Recommended Life Insurance:

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