Life Insurance Calculator

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Term Life Insurance Calculator

Most people calculate their life insurance needs based on the income they would need to replace if they died unexpectedly. However, assets, debts, future childcare costs, and final expenses should also be considered which necessitates securing enough term life insurance to help with these expenses as well.

You may use this small calculator to get an idea of how much term life insurance coverage you might need.

Step 1. Evaluate Your Income and Assets

Your current income?

Number of years you will share your annual income with your spouse?

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

Existing assets that can be turned into cash within 3 months
(Due to tax penalties liquidating retirement accounts due is not recommended)

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 and College Expenses *An average annual tuition cost of $15,000 - $20,000 per year is suggested

Child:	Monthly costs for the child:	Years child will require support:	College expenses:
1	$	years
2	$	years
3	$	years
4	$	years
5	$	years

Additional Recommended Life Insurance: $

This calculator is a guideline for basic expenses. Your family may have additional needs to consider, such as cars, home repairs and childcare costs.

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