Financial Protection
Life Insurance Calculator
Determine how much life insurance coverage you need to protect your family.
Income Replacement
Annual Income
$
Your current annual income before taxes
Income Replacement Ratio
%
Percentage of income needed to maintain lifestyle (typically 60-80%)
Years of Coverage Needed
years
Number of years your family needs income replacement
Outstanding Obligations
Mortgage Balance
$
Remaining balance on your home mortgage
Other Debts
$
Auto loans, student loans, credit card debt, etc.
Additional Needs
Final Expenses
$
Funeral, estate, and other end-of-life costs
Education Fund
$
College or education funding for dependents
Coverage
100%
Recommended Coverage
$0
total insurance needed
Income Replacement Need
$0
Debt Obligations
$0
Education & Final Expenses
$0
Existing Insurance
$0
📊 Detailed Breakdown
| Category | Amount | % of Total |
|---|
How the formula works
Total Coverage = (Income × Ratio × Years) + Mortgage + Debts + Final Expenses + Education
- Income Replacement Need = Annual Income × Replacement Ratio × Years of Coverage
- Debt Obligations = Mortgage Balance + Other Debts
- Extra Needs = Final Expenses + Education Fund
- Total Coverage Need = Income Replacement + Debt Obligations + Extra Needs
- Existing Insurance = Any current life insurance policies (deducted from total)
- Consider inflation and investment returns for more precise calculations