Life Insurance Needs Calculator
Estimate how much life insurance you need to replace income, pay off debts and mortgage, fund college and cover final expenses, minus existing coverage and savings.
Your numbers
- Total financial need
- $1,433,000
- Existing resources
- $210,000
- Suggested term length
- 20 years
- Income replacement$1,020,000
- Debts$18,000
- Mortgage$280,000
- Education$100,000
- Final expenses$15,000
How the life insurance needs calculator works
Coverage need = income × years to replace + non-mortgage debt + mortgage + education fund + final expenses − current coverage − savings.
Example
Using the default inputs (Annual income to replace: $85,000; Years to replace income: 12; Non-mortgage debts: $18,000; Mortgage balance: $280,000; Education fund for kids: $100,000; …), the calculator returns additional coverage needed of $1,223,000. Change any field above to see your own result and charts update instantly.
Good for these goals
Frequently asked questions
What is the DIME method?
Debt, Income, Mortgage, Education: add each category to find a coverage target.
Should stay-at-home parents have coverage?
Yes. The cost of replacing childcare and household work is substantial.
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Estimates are for educational purposes only and are not financial, tax or legal advice. Results depend on your inputs and simplified assumptions; tax figures reflect 2026 federal rules and may differ from your situation. See our disclaimer. © 2026 FinanzCalc.