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Life Insurance Needs Calculator

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This Life Insurance Needs Calculator computes an estimate of the amount of life insurance you should carry. This form is intended to be used by each parent to calculate their life insurance needs. The insurance coverage will be sufficient to provide for your children's education and your family's living expenses should you die.

Some financial planners advise obtaining enough coverage to eliminate your current debt in addition to providing for the needs of your family. Others suggest obtaining coverage to eliminate your net debt (total debt less total non-retirement savings). Still others feel that the purpose of insurance is to replace your earning power, not to leave your family with a clean slate. Depending on your personal philosophy, you should enter your current debt, your net debt or 0 in the Total Debt field below.


Your Age:
Your Gross Annual Income:
Total Debt:
Current Costs for One Year of College:
Number of Children:
Annuity Rate of Return:
Adjust for Inflation? Yes No
 

 
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