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