Life Insurance Calculator
Determine how much life insurance coverage you need to protect your family's financial future. Calculate based on income replacement, debts, and future expenses.
Family Protection
Ensure your family's financial security
Income Replacement
Calculate years of income protection needed
Comprehensive Coverage
Include debts, education, and final expenses
How Much Life Insurance Do You Need?
Determining the right amount of life insurance depends on several factors:
- Income Replacement: Typically 10-12 times your annual income
- Outstanding Debts: Mortgage, credit cards, loans
- Future Expenses: Children's education, childcare
- Final Expenses: Funeral costs, medical bills
- Existing Assets: Savings, investments, employer benefits
Types of Life Insurance
Term Life Insurance
Provides coverage for a specific period (10, 20, or 30 years). Generally more affordable and suitable for temporary needs.
Permanent Life Insurance
Provides lifelong coverage with a cash value component. Includes whole life, universal life, and variable life policies.
Key Considerations
Life Changes
Review coverage when you get married, have children, buy a home, or change jobs.
Employer Benefits
Factor in existing coverage from employer-sponsored life insurance policies.
Inflation Impact
Consider inflation's effect on future expenses and income needs.
Regular Reviews
Review your life insurance needs annually or after major life events.