Term Life Insurance Calculator

So, you’ve decided that term life insurance makes sense for you and your loved ones. But how do you determine the appropriate amount of life insurance coverage for you? A very general rule of thumb is that your coverage amount should be between 5 to 10 times your current income.

However, please also consider what assets you currently have as well as debts, future childcare and other dependent costs (such as an elderly parent), final expenses, and any other anticipated future expenses. You should consider securing enough term life insurance to help with these expenses as well.

Below is a free term life insurance calculator that you can use to help you determine the appropriate amount of term life insurance coverage for your particular situation.

What amount of Term Life Insurance do you need?

Step 1. Your Income and Assets

What is your current income? $
How many years will you need to replace your income?   
Current investment income (Rental Properties, Dividends, Annuities, etc.) $
Existing liquid assets - All assets that can be turned into cash within 3 months
(We recommend you not liquidate retirement accounts due to tax penalties) 		$
The amount of your existing life insurance coverage: $

Step 2. Your Debts and Expenses

Outstanding mortgage balance: $
Other outstanding loans/bills:: $
Final expenses: (Medical, Funeral, Taxes) $

Step 3. Child and other Dependent Support

*additional expenses can include education, healthcare, etc.
Dependent: Monthly expense: Years to support: Additional expenses*:
1 $ years
2 $ years
3 $ years
4 $ years
5 $ years

Recommended Term Life Insurance Coverage: $


Everyone has different needs and situations to consider. This term life insurance calculator can help you think about your particular situation and what current and future costs you would like to help cover in the event of your untimely death.

Term life insurance is practical and affordable protection. It’s the number one life insurance choice for families.*

Talking to one of our licensed life insurance agents can answer many of your questions and help you get the information you need. Having the right information can help you decide what is best for your loved ones, based on your needs and budget (current and anticipated).

Ready to apply? Start your free term life insurance quote online now.


*LIMRA MarketFacts 2005.