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The amount of life insurance you need depends on your personal and financial situation. Our life insurance needs calculator can help you decide. Keep reading on this page to find out what information you’ll need to use the calculator.
You’ll need information about the items listed in the 4 categories below. If you don’t know the exact dollar amounts for all these items, you can estimate.
These include expenses your survivors may need to pay right away, such as:
Financial obligations also include any money you and your survivors may owe (existing debts) or may need for planned living expenses, such as:
This includes any money your survivors will earn or receive each year from:
This is how much money your survivors will need each year to continue supporting the standard of living you want them to have. Standard of living means level of wealth and comfort. It includes basic needs (like food and housing) and luxuries (like vacations or certain clothes or cars).
The calculator will ask you:
These are any items of value that may give your survivors a one-time (or lump sum) payment. If you have debts, your survivors may need to use these assets to pay off those debts.
Assets may include:
The calculator will use the amounts you enter for each item to determine:
Go to the life insurance needs calculator
Note: Please use this calculator only as a guide. If you need more specific guidance about your situation, contact a financial planner.
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