Life Insurance Needs Calculator

How to use

1. Enter the annual income your family would need replaced.
2. Enter the number of years that support should last.
3. Add mortgage balance, other debts, and any coverage already in force.
4. Read the recommended target plus its income and debt portions.

General information only — not medical, financial or legal advice. Figures cross-checked against public official sources (IRS / HMRC / NHS / WHO guidance) as of 2026-08. For decisions that matter, confirm with a licensed professional in your country.

About this tool

This calculator uses the income-replacement method: annual income multiplied by the years your family would need support, plus the mortgage balance and other debts, minus coverage already in force. The default example replaces 75,000 dollars for 15 years, adds a 250,000 dollar mortgage and 30,000 dollars of other debts, and subtracts a 100,000 dollar existing policy for a 1,305,000 dollar target. The income-replacement figure often lands above the simpler 10-to-12-times-income rule, which would suggest 750,000 to 900,000 dollars on the same salary, because it prices your actual obligations rather than a multiple. The three output lines show where the need comes from so you can adjust each piece. The income-replacement method is one estimation approach among several; individual circumstances vary; not insurance, tax, or financial advice.Two coverage gaps deserve attention. Employer group life insurance usually ends when the job ends, so counting it as permanent protection overstates security; include only amounts your family could keep or replace. Stay-at-home parents are often skipped entirely, yet replacing childcare and household labor has a real price, which is why assigning a shadow salary to that work produces a meaningful target too.

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