Life insurance needs calculator
Obligations in, existing resources out, gap at the end.
Rules of thumb multiply your salary by a number someone picked. This does the fuller version: add what would need replacing, subtract what already exists.
It takes a few minutes and gives you a figure you can actually defend to whoever quotes you.
Your coverage gap
- Coverage gap
- $1,330,000
- Income replacement
- $1,125,000
- Debts and costs
- $345,000
- Already covered
- $140,000
Obligations minus what's already in place.
$75,000 × 15 years
Mortgage $250,000 + debts $20,000 + education $60,000 + final $15,000
Insurance $100,000 + savings $40,000
Arithmetic on your figures, not a quote. It can't know your age, health, or an insurer's underwriting, which are what determine cost and availability.
Why subtracting matters
The step people skip is the offsets. Existing coverage, savings, and a partner's earning capacity all reduce the gap — and skipping them is the most common route to being oversold.
Income replacement is a judgement call
The years figure is the biggest lever here. Replacing income until your youngest is independent is a different number from replacing it until retirement — decide which question you're answering before trusting the total.
What it can't do
It can't price the coverage. Age, health, term, and underwriting decide that, and no calculator has access to them.
Turn this into a real number
A calculator works with the figures you give it. A licensed insurance professional can tell you what’s actually available to you and what it would cost.
This tool performs arithmetic on the figures you enter. It does not estimate premiums, predict approval, or account for your state’s rules. Quote My Policy LLC is a licensed insurance producer.