How Much Life Insurance
Do I Need?

The amount of life insurance you may need depends on your income, mortgage, debt, dependents, education goals, existing savings, and current life insurance coverage. This calculator helps organize those needs into an educational estimate.

Multiply the income you want to replace by the number of years of support. Add mortgage, other debt, education, final expenses, and other obligations. Subtract existing life insurance and available savings. This calculator displays a minimum estimated gap of $0.

A life insurance coverage gap is the difference between the estimated financial resources your family may need and the insurance, savings, and other resources already available.

Income is one part of the estimate. Use the income replacement calculator to compare different years of support, then include the obligations and resources that apply to your family. An income multiple alone is not a personalized recommendation.

There is no single timeline for every family. Consider how long dependents may need support and when major obligations may end. Adjust the years field to compare scenarios; the starting value of 10 years is an editable assumption, not advice.

Include the remaining mortgage if paying it off is one of your goals. Avoid counting the same housing costs twice if they are already included in your income replacement estimate.

Include an education amount if funding future study is one of your goals. Use your own estimate and consider any dedicated education savings before deciding what additional amount to enter.

Include coverage you reasonably expect beneficiaries to receive. Review your benefits terms because employer coverage may change when your employment changes.

The calculator subtracts savings and investments you enter. Include only resources you expect to be available for these needs; do not automatically count money reserved for other purposes. Review tax and access questions with a qualified professional.

Review coverage periodically and after important changes in income, family responsibilities, employment, or financial goals. The NAIC suggests reviewing your policy with your agent every few years.

Consider each spouse separately, including their income and household responsibilities. A combined household estimate does not determine how much coverage should be placed on each person.

Unpaid caregiving and household work can have replacement costs. When exploring this scenario, consider expenses such as childcare under other obligations instead of assuming zero income means zero financial need.

This tool estimates family needs, not a business valuation or business insurance plan. Separate family obligations from business commitments and discuss business-specific protection with appropriately qualified professionals.

No. It estimates a possible financial protection need. It does not provide pricing, underwriting decisions, or guaranteed coverage amounts.

Yes. The calculator is free to use and does not require an account or email address to receive results. Professional assistance is optional.

Detailed calculator entries stay in the browser tab and are not sent to a server. After a calculation, only the estimated family-need total is temporarily stored in session storage so it can be imported into the employer coverage checker. The total clears when the tab session ends. A summary you choose to save remains wherever you save it. Contact requests are handled separately.

No. Results are educational estimates, not recommendations to purchase a specific amount or type of insurance. Consult an appropriately licensed or qualified professional about your circumstances.

It includes the DIME categories—Debt, Income, Mortgage, and Education—plus final expenses and other obligations, then subtracts available savings and existing coverage. It uses simple totals rather than a complete financial plan.