General
Life Insurance Coverage Calculator | Free & Instant
Most coverage advice stops at a multiple of your salary, which is a rule of thumb rather than an answer. Ten times income means one number for a renter with no children and the same number for a homeowner with a mortgage and two kids heading toward college.
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Frequently asked questions
How much life insurance do I actually need?
Enough to replace your income for the years your household would need it, clear your mortgage and other debts, fund any education you are planning for, and cover final expenses, minus the coverage and savings you already have. That calculation typically produces a very different figure than a simple multiple of salary.
Why not just use ten times my income?
Because it ignores everything specific to your household. Two people earning the same salary can have completely different needs depending on whether they carry a mortgage, how many children they have, and what coverage already exists through work. Multiples are a starting point rather than an answer.
How many years of income should I replace?
A common benchmark is until your youngest child is financially independent, though the right figure depends on your household. A parent of a toddler is looking at roughly eighteen to twenty years. Someone whose children are nearly grown may only need to bridge a shorter gap.
Should I count my employer coverage?
Include it, and treat it cautiously. Group coverage through work is genuinely valuable while it lasts, and it usually ends when the job does. If it makes up most of your protection, you are relying on a benefit you do not own and cannot control.
Does this calculator store my information?
No. Every figure is calculated in your browser and nothing is saved, transmitted, or shared. There is no signup and no email required.
Should I choose term or permanent coverage?
For most households term covers the window where dependents and debt overlap, at a fraction of the cost. Permanent coverage suits specific situations including estate liquidity, funding a special needs trust, and business buy sell arrangements.
What should I do with this number?
Take it to three or four carriers and quote the same coverage amount and term length at each. Be completely honest on the application, since insurers verify health history through prescription and industry databases, and a discrepancy is worse than the condition itself.