Life insurance calculator: How much life insurance do I need?
Add up what your family would need: income for a set number of years, debts, final expenses, and education. Subtract what you already have.
How Shelly does the math
Coverage = income × years + mortgage and debts + final expenses + education − savings and existing coverage.
It does not adjust for inflation, investment returns, or taxes.
Use it as a starting point, then talk with a licensed agent.
Questions, answered
How much life insurance do I need?
Enough to cover what your family would lose: your income for a number of years, debts, final expenses, and education. Adding up your own numbers, as this calculator does, gives a better estimate than a rule of thumb.
What are final expenses?
Costs at the end of life, such as a funeral, burial, medical bills, and estate costs.
Should I count life insurance from work?
Yes, but coverage through an employer often ends when you leave the job. Some people buy their own policy so coverage doesn't depend on the job.
Term or whole life?
Term life covers a set period, such as 20 years, and usually costs less for the same coverage. Whole life lasts your lifetime and builds cash value, at a higher price.
