🛡️Life Insurance Calculator
Calculate how much life insurance you need to protect your family. Complete needs analysis including income, debts, and education.
Income Replacement
Outstanding Debts
Education Costs
Final Expenses & Coverage
Understanding Life Insurance
Why Life Insurance?
Life insurance provides financial protection for your dependents if you pass away. It replaces your income, pays off debts, and covers future expenses like children's education.
Calculation Method
This calculator uses the "needs analysis" approach which sums income replacement (using annuity present value), outstanding debts, education costs, and final expenses, then subtracts existing coverage.
Term vs. Permanent Insurance
Term insurance provides coverage for a specific period (10-30 years) at lower costs. Permanent (whole life) insurance offers lifelong coverage with cash value, but costs significantly more.
When to Re-evaluate
Review your insurance needs after major life events: marriage, children, home purchase, job change, or debt payoff. Your needs change over time.
Rule of Thumb
A common rule is to have 10-12x your annual income in life insurance coverage. However, this calculator provides a more accurate analysis based on your actual needs.