Calculators
Life Insurance Needs Calculator
Estimate how much life insurance you need from income replacement, debts, mortgage, education and final expenses, less existing resources.
- Runs in your browser
- Nothing uploaded
The tool
Enter your numbers below. Results update as you type, and nothing leaves your browser.
Everything you enter stays on your own machine. Nothing is sent to us or to anyone else, which you can confirm in your browser network tab.
What people use it for
- Deciding how much life insurance to buy
- Reviewing existing cover
- Financial planning conversations
- Insurance agent needs analysis
About this tool
What the Life Insurance Needs Calculator does
The needs method adds up what your family would need if you died: years of income replacement, paying off debts and the mortgage, future education costs and final expenses. Subtracting savings and existing cover leaves the additional life insurance to consider.
Formula
- Needs = income × years + debts + mortgage + education + final expenses
- Additional cover = needs − savings − existing cover
Worked example
Using the starting values in the calculator above:
| Input | Value |
|---|---|
| Annual income to replace | $80,000 |
| Years of support needed | 10 |
| Debts to clear (excluding mortgage) | $25,000 |
| Mortgage balance | $260,000 |
| Future education costs | $100,000 |
| Final expenses | $15,000 |
| Savings and investments available | $60,000 |
| Existing life cover | $100,000 |
| Result | Value |
|---|---|
| Additional cover needed | $1,040,000 |
| Total needs | $1,200,000 |
| Resources already in place | $160,000 |
| Total needs as multiple of income | 15.00x |
How to read the result
A common shortcut is 10 to 12 times income, but the needs method reflects your actual commitments.
Review cover after major events: a new child, a home purchase, a pay rise or paying off debt.
Estimates for planning only. Actual premiums and benefits depend on the insurer, policy terms and underwriting.
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Questions
Questions about this tool
The things clients actually want to know — costs, timelines, ownership and what happens after launch.
Enough to cover income replacement, debts and future goals, minus what you already have.
Usually yes, so your family can stay in the home.
Yes, but it often ends when you leave the job.
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