Free Coverage Requirement Calculators
How much cover do you need? Add it up rather than guess
Four calculators that produce a coverage figure with reasoning attached: obligations added one by one, income discounted properly to today, liability measured against what a claim could reach, and the cost of closing whatever gap remains.
Insurance Needs Analysis
Add up every obligation insurance would have to meet and subtract the resources already in place, to reach a defensible coverage figure.
Result
Additional cover needed
$1,482,000
- Total need
- $1,674,000
- Income replacement
- $1,248,000
- Debt payoff
- $301,000
- Education
- $110,000
- Final expenses
- $15,000
- Existing resources
- $192,000
- Share covered
- 11.47%
- Surplus
- $0
This is an estimate based on the values you entered. Actual premiums, coverage, eligibility and pricing vary by provider and by individual circumstances.
This method adds up obligations rather than applying a rule of thumb multiple of income. It ignores inflation and any investment return on the payout - the present-value tool handles those.
Coverage needs change with every major life event. Re-run this whenever income, debts or dependants change.
Needs analysis
| Item | Amount |
|---|---|
| Income replacement (16 years) | $1,248,000 |
| Mortgage balance | $285,000 |
| Other debts | $16,000 |
| Education costs | $110,000 |
| Final expenses | $15,000 |
| Total need | $1,674,000 |
| Existing coverage and savings | -$192,000 |
| Coverage gap | $1,482,000 |
Read the full guide, worked examples and FAQ for this calculator →
Popular tools
The calculators visitors to InsuranceNeedsCalculator open most often.
- Coverage & Limits
Insurance Needs Analysis
Add up every obligation insurance would have to meet and subtract the resources already in place, to reach a defensible coverage figure.
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Income Protection Calculator
Find the lump sum needed today to replace an income for a set period, allowing for growth in costs and a return on the money.
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Asset Protection Calculator
Measure what a liability claim could reach - assets plus future income - and compare it against the limits you currently carry.
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Coverage Requirement Calculator
Compare a required coverage amount against what is in force and estimate the cost of closing the difference.
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Coverage amounts are usually decided by a rule of thumb or by whoever is selling the policy. Both are quick, and neither produces a figure you could explain to someone six months later.
The alternative takes about ten minutes: list what the money would have to do, subtract what already exists, and price the difference. These four tools do exactly that, and every assumption is an input you can change rather than a hidden constant.
Browse by category
Coverage & Limits
Decide how much cover the numbers support and where the gaps are.
Why use InsuranceNeedsCalculator
Obligations, not multiples
Income, debts, education and final expenses added individually, so you can see which one is actually driving the total.
Present value done properly
A lump sum earns a return while it is being spent, and costs rise. The income tool applies both corrections instead of just one.
Liability measured against exposure
Default liability limits protect a legal minimum. The asset protection tool measures what a claim could actually reach.
Free, private, no sign-up
No account, no quote form, nothing transmitted. Every calculation runs inside your browser.
How it works
- Start with the needs analysis for a total based on your own obligations.
- Refine the income component with present value if the period is long.
- Check liability separately - it is sized against exposure, not against dependants.
- Compare the total against cover in force and price the difference.
Frequently asked questions
Why not just use ten times my income?
Because it ignores whether there is a mortgage, whether children are two or twenty-two, and whether an employer already provides cover. Two households on the same income can need amounts hundreds of thousands apart.
How many years of income should I replace?
Usually until the youngest dependant is independent, or until a partner reaches retirement. There is no universal answer, which is why it is an input rather than a built-in assumption.
What return should I assume on a lump sum?
Something conservative and achievable after fees. The money would be managed during a difficult period and has to survive a poor market, so erring low is the right direction.
Do these tools sell insurance?
No. This site does not sell, quote or broker anything, and collects no contact details. It is funded by advertising.
How often should I redo this?
After any significant change, and otherwise every two or three years. The honest figure moves more than most people expect.