Life Insurance Calculator: How Much Coverage Do You Need?

Understanding Your Life Insurance Needs

Determining the right amount of life insurance coverage is essential to ensure your loved ones are financially protected. A life insurance policy can cover final expenses, pay off outstanding debts, and provide income replacement for your family. This simple Life Insurance Calculator takes into account your income, debts, and other factors to help you estimate how much coverage you may need.

How to Use the Calculator

To calculate your recommended life insurance coverage, fill in the following details:

• Annual Income: Your annual income to estimate income replacement needs.
• Years of Income Replacement: The number of years you want to provide income for your family.
• Total Debt (excluding mortgage): Any outstanding debt you wish to be covered by insurance.
• Mortgage Balance: The remaining balance on your mortgage.
• Final Expenses: Estimated costs for final expenses, like funeral costs.
• Current Savings and Investments: The amount of savings or investments that can be used to offset insurance needs.

Once you enter your information, the calculator will display your estimated life insurance coverage.