The amount of life insurance you need depends on a number of factors and can change greatly over the course of your lifetime. One way to determine how much life insurance you may need is to sit down and discuss it with an Insurance Agent. In the meantime, this simple calculator can help give you an idea of approximately how much coverage you need to protect your loved ones. If you find that you have questions or would like to consider more coverage, please contact us to make an appointment.
Funds Needed For:
Amount:
Income Replacement
Enter 5-10 times your annual income
Housing
Enter your outstanding mortgage balance or your monthly rent times the number of months needed
Debt
Enter any credit card debt, car loan, or other outstanding loan debt
Child Care
Enter the cost per month times number of months needed
Education
Enter the estimated cost per year times four, multiplied by the number of children
Emergency Fund
Enter at least 25% of your annual income
Final Expenses (Funeral/Burial)
Typically around $10,000
Total available liquid assets
Savings/checking, retirement funds, existing life insurance, investments