Life Insurance Calculator

Life insurance is probably something you don't often think about, but no financial plan is complete without it. And if you haven't yet put a plan in place, life insurance is a great place to start.

To help you determine how much life insurance is appropriate for you and your family, we've developed this easy-to-use life insurance calculator. By providing some basic information on your family's resources, debt and expenses, current life insurance coverage and future income needs, the calculator will give you an estimate of the amount of needed life insurance coverage. Please complete the information below and enter only whole numbers. Click on buttons containing question marks to display a Help Box on a specific item.

PROD:

Your Resources

Liquid Assets: ($)

Liquid Assets: Cash and items that could be easily converted to cash, such as stocks, bonds, vacation property, personal property, etc. Do not include personal residence.

Assets amount is required.

Assets amount should be a whole number.

Life Insurance Coverage: ($)

Life Insurance Coverage: Both individually owned (personal) life insurance and that provided by your employer (group).

Coverage amount is required.

Coverage amount should be a whole number.

Your Debt and Expenses

Mortgage: ($)

Mortgage amount is required.

Mortgage amount should be a whole number.

Other Debt: ($)

Debt amount is required.

Debt amount should be a whole number.

Final Expenses: ($)

Final expenses amount is required.

Final expenses amount should be a whole number.

Do you have dependents?

Yes

Child/Dependent Care Expenses
Monthly Amount: ($)

Dependent care amount is required.

Dependent care amount should be a whole number.

Child/Dependent Care Expenses
Duration: (in years)

Dependent care duration is required.

Dependent care duration should be a whole number.

Education: ($)

Education amount is required.

Education amount should be a whole number.

Your Needs

Income Replacement
Monthly Amount: ($)

Income replacement amount is required.

Income replacement amount should be a whole number.

Income Replacement
Duration: (in years)

Income replacement duration is required.

Income replacement duration should be a whole number.

Estimated Rate of Return: (%)

Rate of return is required.

Rate of return should be a whole number.

Calculate

Reset

Analysis

It appears that you may have a shortfall of {{ shortfall | currency : "$" }} in your life insurance coverage. Please remember that this calculation is an estimate based on the information you provided, and should be reviewed with a qualified life insurance professional.

Congratulations! It appears that you may have adequate life insurance coverage in place. This is a tribute to your planning and foresight. However, remember that this calculation is an estimate based on the information you provided, and should be reviewed with a qualified life insurance professional, as your needs can change.

Find an Agent

Your local Knights of Columbus agent will be happy to complete a free, comprehensive needs analysis for you and your family, which may uncover a greater or lesser need than this calculator.

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