Insurance / Insurance Planning

Life Insurance Needs Calculator (Income Replacement)

Annual Gross Income ($)

Years to Replace Income

Outstanding Mortgage ($)

Other Debts ($)

Credit cards, car loans, etc.

Funeral & Final Expenses ($)

Typical: $10,000-$20,000

Number of Children

Current Life Insurance ($)

Savings & Investments ($)

Formula: Total Need = (Income × Years) + Mortgage + Debts + Funeral + (Education × Children)

Coverage Gap = Total Need - (Current Insurance + Savings)

Income replacement methods: This calculator uses a simple multiplier approach. More sophisticated methods include:

See Also