Life Insurance Calculator: How Much Coverage is Enough? – Forbes Advisor - Forbes

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Updated: Aug 24, 2021, 2:40pm
Ready to shop for life insurance? The first step is knowing how much life insurance you need. The easy-to-use life insurance calculator below will show you an estimate. Enter some simple numbers to get an instant result.
Answer simple questions in our 3 step process
How much annual income would your dependents need?
How long would your dependents need financial support?
2/3
How much debt do you need to pay off?
If you want to help with the cost of college tuition, how much would you like to cover?<span class="icon-tooltip popper-tooltip icon-info tooltipstered" data-content="To help guide you, here are the average published costs for tuition, fees, and room and board for 2019-2020, according to the College Board:

  • Public, 2-year in-district: $12,720/year
  • Public, 4-year in-state: $21,950/year
  • Public, 4-year out-of-state: $38.330/year
  • Private, 4-year: $49,870

“>
How much do you want to add for burial expenses?
3/3
How much savings do you have?
If you already have life insurance, enter the total coverage amount
How much annual income would your dependents need?
30,000
How much debt do you need to pay off?
160,000
How long would your dependents need financial support?
16 years
If you want to help with the cost of college tuition, how much would you like to cover?
160,000
How much do you want to add for burial expenses?
160,000
How much savings do you have?
160,000
Enter total coverage amount of existing life insurance
160,000
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I’m the Insurance Analyst for Forbes Advisor. I’ve been writing about insurance for consumers for more than 20 years. Insurance intersects with many parts of our lives, yet it’s tough to untangle, and wrong choices can make a financial mess. I’m here to help you make sense of it. I’m especially interested in how data is affecting the price you pay for all insurance types.

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