Calculator
Life Insurance Needs Calculator
Estimate how much life insurance a household may need by comparing survivor support needs with savings and coverage already in place.
Scenario
Coverage details
Start with the support survivors may need, then subtract savings and current coverage that could help meet that need.
Income support
Family obligations
Debts and resources
Coverage estimate
Survivor protection gap
Additional coverage to review
$800,000
Modeled coverage gap is $790,000 before rounding into a review range.
Coverage gap
$790,000
Need after existing savings and coverage.
Review range
$725,000 - $875,000
Rounded range around the midpoint estimate.
Resources
$300,000
Savings plus current life insurance.
Estimate view
Review the coverage components, resource offset, and assumptions behind the range.
Need built from
Resources subtracted
How to use this life insurance calculator
Use this as a coverage-needs checkpoint. It helps organize the money survivors may need and the resources already in place.
Support
Start with income support
Estimate the income survivors may need, how long that support should last, and whether other dependable income would remain.
Costs
Add the major obligations
Layer in childcare or household support, mortgage debt, other debts, education goals, and final expenses.
Gap
Subtract usable resources
Savings and existing coverage reduce the modeled need, leaving an additional coverage range to review.
1
Model one household scenario
Use the numbers your survivors could realistically face, then adjust the support years and obligations to test a second scenario.
2
Separate needs from resources
The estimate builds the household need first, then subtracts savings and current life insurance that could actually be used.
3
Treat the range as a review target
The result is a planning checkpoint, not a policy recommendation. Term length, underwriting, and beneficiary details still matter.
About this tool
What this helps you do
This calculator organizes a survivor-support estimate around income replacement, household obligations, education goals, final expenses, and existing resources.
How to interpret results
The rounded coverage range is meant to support a review conversation. It is not a quote, recommendation, or instruction to buy a specific amount.
Policy notes
Coverage amount is only one part of the decision. Term length, policy type, premium budget, underwriting, ownership, and beneficiaries can all change the right fit.
Limitations
This model does not price premiums, compare policy types, model inflation on survivor spending, estimate Social Security survivor benefits, or apply insurer underwriting rules.