Life Insurance Calculator
Determine your recommended coverage amount.
Recommended Coverage
$0.00
About Life Insurance
Life insurance provides financial security for your loved ones in the event of your passing. This calculator uses the "Income Replacement" method to estimate how much coverage you might need to maintain your family's standard of living and pay off debts.
How Much Coverage Do I Need?
A general rule of thumb is to have coverage equal to 10-15 times your annual income. However, everyone's situation is different. You should consider:
- Income Replacement: How many years will your family need your income to cover living expenses?
- Debt Repayment: Do you want your mortgage, car loans, and credit cards to be paid off?
- Future Expenses: Are you planning to pay for your children's college education?
- Final Expenses: Funeral costs and medical bills.
Types of Life Insurance
- Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). It is generally more affordable and suitable for most families.
- Whole Life Insurance: Provides permanent coverage for your entire life and includes a cash value component that grows over time. It is typically more expensive.