Quick Calculator
This "Quick Calculator" will provide you with an estimate of the amount of life insurance needed to replace a deceased wage earner's income. If you need a more precise calculation, please scroll down to our "Advanced Calculator".

Enter the annual replacement income that will be needed if the insured dies prematurely (before-tax).

Enter the number of years the replacement income will be needed by dependents / beneficiaries.

Please estimate the average annual interest rate you can earn on the invested life insurance proceeds. (%)

Enter your estimate of the average annual inflation rate. (The average rate for the last 10 years has been approximately 3 %)


Click on "Compute" to calculate the amount of life insurance needed to replace a deceased's lost annual income:


 

Advanced Calculator

Step 1. Evaluate Your Income & Assets

Your current income is?

$

How many years will your spouse need your annual income?

 

Current investment income (Rental Properties, Dividends, Annuities, etc.)

$

Existing liquid assets - All assets that can be turned into cash within 3 months
(We recommend you not liquidate retirement accounts due to tax penalties)

$

The amount of your existing life insurance coverage:

$

Step 2. Evaluate Your Debts and Expenses

Outstanding mortgage balance:

$

Outstanding loans:

$

Final expenses: (Medical, Funeral, Taxes)

$

Step 3. Evaluate Your Child Support and College Expenses
Child: Monthly child cost: Years child will require support: College expenses:
1 $ years
2 $ years
3 $ years
4 $ years
5 $ years

Recommended Additional Life Insurance: $