Calculators

Insurance

Life insurance calculator

How much life insurance do you need? Enter your current assets, expenses, income and let us determine how much life insurance you need. You can also adjust the inflation rate and your expected rate of return to see how these variables can impact your insurance needs. Press the report button to see a year by year breakdown of your family's future income and expenses.

Definitions

Inflation rate

What you expect for the average long-term inflation rate. Your total expenses are increased by this rate for each year you require income. The income you would receive from your life insurance policy is used to cover any shortfalls between your expected income from all sources and your expenses.

Cash and savings

Total you have in cash, checking accounts, savings accounts or other accounts that can be used to help cover expenses.

Investments

Total value of all investments that you are willing to use toward your living expenses.

Estate or inheritance taxes on assets

Taxes that are required to be paid on your assets at death.

Probate costs

Probate costs cover a state's legal fees for disbursing the assets of the deceased. You may incur significant probate costs, depending on your state of residence, even if you have a will.

Funeral costs

All costs required to cover the cost of the funeral.

Uninsured medical costs

Any medical costs that are not covered by your medical insurance. Make sure to include any deductibles.