Life Insurance Needs Calculator
Enter the income, expenses and resources you want to include to estimate a coverage gap for one person.
Free · No signup · Works in your browser
Estimate one person’s needs
Amounts are in US dollars. Leave a field blank if it does not apply.
Your inputs stay in this page. Refreshing clears them.
About the life insurance needs calculator
A life insurance needs estimate starts with the financial support a household might need after a death, then subtracts resources already available for that purpose.
This simple calculation does not predict investment returns, inflation, taxes or future policy terms. Avoid counting a cost twice and revisit your assumptions when circumstances change.
How it works
Choose income support
Enter annual after-tax income and the number of years your household may need support.
Add other needs
Include debts and one-time costs that are not already covered by the income figure.
Subtract resources
Enter available savings and existing life insurance intended for these needs, then review the estimate.
Ways couples use this tool
Compare each spouse separately
Estimate one person's gap at a time, including the value of care they provide.
Discuss coverage
Use the assumptions to prepare questions for an insurance professional.
Things to keep in mind
- Estimate unpaid care or education costs only when they are not already included in income replacement.
- Subtract only assets you intend to use for these needs.
- Review beneficiaries and existing policies separately.
Frequently asked questions
How is the life insurance gap estimated?
The calculator multiplies annual income by the support years, adds debts and other one-time needs, then subtracts available savings and existing coverage. A negative result is shown as zero.
Should a spouse without paid income have life insurance?
Possibly. Unpaid caregiving and household work may have replacement costs. Consider those needs and discuss appropriate coverage with a qualified professional.
Does this account for inflation?
No. The result uses the values entered without an inflation or investment-return adjustment.