How Much Life Insurance Do I Need?

How Much Do I Need?

The answer to this important question is different for every family. To help you figure out how much life insurance you need the Inheritance Network simplified the process and created our Life Insurance Calculator. Just enter the amount of money that you estimate is needed for each category and click Calculate.

Life Insurance Calculator

Immediate Cash Needs At Death: Estimate the amount needed in the event of the death of the insured person: funeral/cremation; final hospital stay/illness; estate probate costs; federal estate taxes; state inheritance taxes; mortgage balance (or money to purchase a home for cash if renting); education funds; emergency funds; other.
Annual Income Objective: Estimate the amount needed on an annual basis to ensure that all dependents maintain their current lifestyle (but assume that the mortgage has been paid off or home purchased for cash if renting), including: medical insurance, utilities, food, clothing, transportation, recreation, child care, life insurance, other.
Annual Sources of Income: Estimate the amount of additional sources of income, including income earned by the surviving spouse, social security, pension, rental income, etc.
Existing Assets: Existing assets including IRAs, 401Ks, savings, etc.
Existing Life Insurance: The amount of existing life insurance including any coverage from your employer or prior-existing life insurance.
Recommended Life Insurance:

To learn more about what type of life insurance you need click here.

When you are ready to have one of our Network members contact you to discuss your life insurance needs please click here.

Please Note: This calculator is intended to assist you in approximating an amount of life insurance coverage if death occurred today and is not a recommendation for specific coverage amounts. The actual amount of life insurance to meet the financial needs of your estate or family may be significantly different. Inheritance Network does not guarantee that this figure will meet the financial needs of your estate or family. You are responsible for selecting the appropriate amount of coverage.