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Life Insurance Calculator

The purpose of life insurance is to provide income to your survivors in the event of your death. For instance, it could help your surviving spouse pay off the mortgage, cover funeral costs, or pay for a child’s education.

Whether you’re just starting out or nearing retirement, figuring out how much life insurance you need may be difficult. Choosing the right amount for your situation depends on a number of factors, including your marital status, number of dependents, income and financial obligations (like a child’s college education or mortgage).


Whole vs. Term Life Insurance

Term life insurance can cover you for a set time period or term, often 30 years. If you die during that term, then your beneficiaries receive a payout. Whole life insurance is more expensive than term because it can offer lifelong coverage as long as the required premiums are paid. Typically, whole life insurance also has a cash-value account that grows over time.

Our life insurance calculator factors in the number of years you need to provide income and how many dependents you have. Considering these factors can help you decide if whole life insurance or term life insurance is a better fit for your needs. For instance, if you have a spouse and no dependents with a mortgage that will be paid off in twenty years, you might not need a whole life insurance policy that would cover you for longer than your mortgage term. But if you had young children or children with special needs, you might consider buying a longer term policy or a whole life policy. These are the types of factors you may want to consider in weighing what type of life insurance is right for you


Life Insurance Quotes

Getting a quote is the first step in purchasing life insurance. Be sure that you answer any questions accurately, because providing false information on your medical history or other questions could void your policy. In the case of fraud, your beneficiaries would not receive a payout.


Life Insurance Premiums

Life insurance premiums are set based on a number of factors such as your age, health, type of policy, occupation, family medical history, and coverage amount. Some consumers choose to add riders that cover specific situations. For instance, if you purchased an accidental death rider, your beneficiaries would get a larger benefit if you died in an accident.

Use our life insurance calculator to estimate how much life insurance you might need. Please note that this is not a recommendation and should not take the place of professional advice. It is merely a ballpark estimate of how much coverage you might need based on the information you share and does not consider other outside factors. Once you’ve estimated your life insurance needs, you can choose to buy life insurance online or speak to one of our licensed representatives to learn more.


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How to use our life insurance calculator


  1. Step 1: Enter your age

    Your life insurance needs change as you get older. Sharing your age helps us estimate the number of years for which your income may need to be replaced. For our calculation, we take the lesser of 20 years or the difference between your current age and the average life expectancy for your gender.

    So, for a 45-year-old male, we would subtract 45 from 76 (the average male life expectancy) to arrive at 31 years — meaning they might consider 20 years worth of income replacement. A 58-year-old male might consider 18 years worth of income replacement (as the difference between his current age and life expectancy is less than 20 years).


  2. Step 2: Select your gender

    As life expectancy varies by gender, this information helps us estimate the average age at time of death — which, along with your current age and annual salary, is a key component of our calculation for income replacement.


  3. Step 3: Provide your relationship status

    If you’re married or in a domestic partnership, it’s likely that your financial responsibilities are shared. Should you die, the burden of these obligations would fall solely on your partner. 

    Your relationship status factors into our calculations for both income replacement and expenses. If you have a spouse or domestic partner, we assume 25% of your annual income needs to be replaced (15% if you are single), and — assuming that some of the family expenses would be covered by your spouse/partner — we reduce your expenses by 35%.


  4. Step 4: Enter number of children

    The arrival of children brings great joy – and greater financial responsibility. For a middle-income, married-couple, the average cost of raising a child through age 17 is $284,570, and this is before factoring in college education expenses, which can add an additional $25,875* per year to this figure.

    Factoring in the number and age(s) of your dependent(s) helps ensure that you consider enough coverage to protect your family should something happen to you.


    *Source: The Cost of Raising a Child, US Department of Agriculture, Feb 18, 2020. Figure is for a child born in 2015. Projected inflation costs are factored into this figure.

    *Source: The average college costs figure was obtained from the College Board and can be found on their website: http://www.collegeboard.com Opens in new window


  5. Step 5:  Enter your annual salary

    Depending upon your personal circumstances, income replacement can be one of the biggest most important components of your estimated life insurance needs. If any portion of your current salary supports a spouse/partner and/or dependents, you’ll need to make sure that your death benefit would be able to cover your lost income.

    To help us calculate the total amount of income that may need to be replaced in your absence, we multiply your annual income by the number of years your income would need to be replaced and adjust this figure based on your marital status.

    While the process may seem overwhelming, the truth is, buying life insurance doesn’t have to be complicated. The comfort that comes with knowing you have the right amount of coverage for your situation and you have provided protection for your loved ones is within reach.

    Have questions? Our licensed Financial Professionals are here to help guide you every step of the way.

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