Life Insurance Calculator: How Much Coverage Do I Need? | Generis

Free educational tool

Life Insurance Needs Calculator

Add the support and bills you want to cover. Then subtract life insurance and savings that may already be available.

About 2 minutes No contact information required Share your answers only if you choose
Life Insurance Needs Calculator showing an example coverage estimate

Start with your own assumptions

How much life insurance might you need?

Your starting estimate is the income support, mortgage, debts, future family expenses, and final costs you want covered, minus existing life insurance and savings you choose to count. Enter your own assumptions below to calculate how much additional coverage may be worth considering.

What would your household need?

Enter the income and bills you want the estimate to cover. Use whole-dollar amounts.

Enter the yearly income your family would lose if something happened to you. Enter 0 if none.

Think about when children may be independent, the mortgage may be paid, or retirement may begin. Enter 0 if no yearly support is needed.

Use the unpaid balance, not the monthly payment or home value.

Include credit cards, car loans, student loans, or other debts you want the estimate to cover.

This may include school, childcare, care for a family member, or another goal.

This may include funeral costs, final medical bills, or money to help the family during a short transition.

This is an educational estimate. It is not a quote, an underwriting or approval decision, a guarantee, or a personal insurance recommendation. It does not replace advice based on your full situation.

Transparent methodology

How this life insurance calculator works

The calculator multiplies yearly support by the number of years you entered. It then adds the mortgage, other debts, family costs, and final costs. Last, it subtracts current life insurance and savings you chose to count.

The formula: estimated need = income support + mortgage + other debts + future family expenses + final/immediate expenses. Estimated additional coverage = estimated need − existing life insurance − available liquid assets, with a minimum of zero.

Example: If a family wants $500,000 for income support and bills and has $150,000 in existing coverage and available savings, the estimated additional need is $350,000. This is a hypothetical illustration, not a recommendation.

The tool does not change your answers. To test another case, change one answer—such as the number of support years—and calculate again.

What should you include in a life insurance estimate?

Income to replace

Enter the yearly income your family would lose and choose how many years that support may be needed.

Mortgage, debts, and immediate expenses

Include bills your family may need help paying. Who must pay a debt can depend on how it is owned and on state rules. The calculator does not assume every debt must be paid with life insurance.

Future family expenses

School, childcare, care for a family member, and other goals may add to current bills. Enter only what you want to include.

Existing coverage and available assets

Current life insurance and savings can lower the estimated additional coverage. Count them with care. Work coverage can change, and you may not want to use every savings or retirement account.

This calculator estimates a possible coverage need. It does not estimate insurance premiums. If you are considering Term Life Insurance, you can see sample Term Life rates and learn what affects Term Life Insurance cost.

If you are considering Whole Life Insurance, you can see sample Whole Life rates and learn what affects Whole Life Insurance cost.

If your main goal is planning for funeral, burial, cremation, and other end-of-life costs, use the Final Expense Calculator. You can also browse the Generis insurance guides for broader education.

Common questions

Life insurance calculator FAQs