How much life insurance do I need?

Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step may require the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short. This calculator will help you determine the amount of life insurance that is right for you.

Age, Income and Assumptions

Current age

Current annual income

Spouse's annual income (if applicable) ?

Leave at zero if there is no spouse or the spouse does not earn income.

Spouse's current age (if applicable)

Advanced options 3

Spouse's desired retirement age (if applicable)

Investment return ?

Assumed annual return earned on invested assets before tax.

Anticipated inflation rate ?

10 Year Historic Inflation Rate. 10-year U.S. inflation average 2.9% 2015 0.1%, 2016 1.3%, 2017 2.1%, 2018 2.4%, 2019 1.8%, 2020 1.2%, 2021 4.7%, 2022 8.0%, 2023 4.1%, 2024 2.9% Source U.S. Department of Labor

Immediate Cash Needs

Funeral expenses

Final expenses ?

Medical bills, legal fees, and other one-time costs at death.

Mortgage balance

Other debts

Long-Term Income Needs

Desired annual income needs ?

Typically 70-80% of current combined income.

Number of years income is needed

College needs ?

Annual College Cost

Available Resources

Investment assets

Existing life insurance

Include social security benefits? ?

No Yes

Include Social Security

Children

Item	Age
Age of oldest child under 18
Age of second child under 18
Age of third child under 18
Age of fourth child under 18

Up to 4 entries.

Enter your values and select Calculate.

The lifeInsuranceNeeded figure is the gap this calculator finds between what your family would need and what they'd already have available. It combines immediate costs like funeral and debt payoff with the present-day cost of replacing your income for the term you set, then subtracts resources like savings, existing coverage, spousal earnings, and social security if included. There is no single right amount here — it reflects the assumptions you entered, not a fixed target.

Two inputs tend to move the result the most: desired annual income and the number of years that income is needed. A higher income target or a longer term both raise the long-term needs figure directly, since more years of replacement income means a larger present-value cost. The investment return and inflation assumptions also matter, since they determine how far existing and future assets are expected to stretch.

The numbers here don't account for taxes on withdrawals or benefits, insurance premiums and fees, or changes in your family's circumstances — a new child, a job change, paying off the mortgage, or a spouse's income changing. Treat the total as a starting point for a conversation, not a guarantee of what will actually happen.

It's worth revisiting this calculation whenever something material changes: an income change, a new child, a mortgage payoff, or simply once a year as a check-in. Bringing the result to a financial advisor or insurance professional can help translate it into an actual policy decision. Having run the numbers at all puts you ahead of where most people start.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.