Free Life Insurance Needs Calculators
Replace the rule of thumb with a number you can defend
Seven calculators that size life cover against what it would actually have to pay for: income for a defined period, the mortgage, education and final expenses - less the cover and savings already in place.
Life Insurance Calculator
Size life cover by adding up the obligations it would need to meet, then subtracting the resources already in place.
Result
Additional cover needed
$1,911,000
- Total need
- $2,146,000
- Income replacement portion
- $1,656,000
- Debt payoff portion
- $332,000
- Education portion
- $140,000
- Final expenses portion
- $18,000
- Existing cover and savings
- $235,000
- Share already covered
- 10.95%
- Surplus over the need
- $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 (18 years) | $1,656,000 |
| Mortgage balance | $310,000 |
| Other debts | $22,000 |
| Education costs | $140,000 |
| Final expenses | $18,000 |
| Total need | $2,146,000 |
| Existing coverage and savings | -$235,000 |
| Coverage gap | $1,911,000 |
Read the full guide, worked examples and FAQ for this calculator →
Popular tools
The calculators visitors to LifeInsuranceTools open most often.
- Life Cover
Life Insurance Calculator
Size life cover by adding up the obligations it would need to meet, then subtracting the resources already in place.
Open calculator → - Life Cover
Income Replacement Calculator
Find the lump sum needed today to replace an income for a set number of years, accounting for growth and investment return.
Open calculator → - Coverage & Limits
Life Insurance Coverage Gap Calculator
Compare the cover you need against the cover you hold, and estimate what closing the gap would cost.
Open calculator → - Comparison
Term vs Permanent Life Insurance Calculator
Compare term cover plus investing the premium difference against a permanent policy’s accumulated cash value.
Open calculator → - Life Cover
Final Expense Calculator
Add up the costs that fall due within weeks of a death and see how much of them existing resources would cover.
Open calculator → - Life Cover
Education Cost Calculator
Project what a course of study will cost by the time it starts, and what needs saving each month to fund it.
Open calculator →
"Ten times your income" is popular because it is easy to say, not because it is right. It ignores whether there is a mortgage, whether the children are two or twenty-two, and whether an employer already provides cover. Two households on the same income can need amounts that differ by hundreds of thousands of dollars.
These tools do the alternative: add up the obligations, subtract the resources, and show the difference. The result is a figure with reasoning attached - which is what you want when the person recommending an amount is also the person selling the policy.
Browse by category
Life Cover
Size life insurance against income, debts and future obligations.
Coverage & Limits
Decide how much cover the numbers support and where the gaps are.
Comparison
Put competing policies onto one comparable scale.
Premiums & Payments
Work out annual, monthly and per-payment costs, including fees and tax.
Why use LifeInsuranceTools
Needs analysis, not a multiple
Income replacement, debts, education and final expenses added individually, so you can see which obligation is driving the total.
Present value where it matters
A lump sum can be invested while it is drawn down. The income replacement tool discounts properly instead of multiplying salary by years.
The term versus permanent question, honestly
Premiums compared against accumulated value, with the factors the arithmetic ignores stated openly rather than glossed over.
No quote form, no broker
This site does not sell insurance and does not collect contact details. Calculations run entirely in your browser.
How it works
- Run the life insurance calculator for a total need based on your own obligations.
- Use income replacement to bring inflation and investment return into the figure.
- Compare that against the cover you hold with the coverage gap tool.
- Price the shortfall using a rate per $1,000 taken from an actual quote.
Frequently asked questions
Can you tell me what my premium will be?
No. Life insurance rates depend on age, health and underwriting, and only an insurer can determine them. The premium calculator applies a rate you were already quoted to a different amount of cover.
How many years of income should I replace?
Commonly the years until the youngest dependant is independent, or until a surviving partner reaches retirement. There is no single correct answer, which is why it is an input rather than an assumption.
Should I count my employer’s life cover?
Count it, but remember that most group cover ends with the job. If it is a large share of your protection, that dependency is worth noting.
Is term or permanent better?
It depends on whether your need for cover ends. The comparison tool runs the arithmetic and states plainly what that arithmetic leaves out.
Do you sell my details to insurers?
No. There is no contact form and no lead generation on this site. It is funded entirely by advertising.