Life Insurance Calculator with Instant Life Insurance Quotes Tool
Use the calculator below to help to determine the amount of life insurance to have in place. The calculator uses a capital needs analysis to determine the need.
Life Insurance Calculator with Instant Life Insurance Quotes
Should a family member die, the financial impact for dependents is the loss of their income and support. The following will calculate the amount of insurance that would need to come in to make up for the loss of resources. Please not that this is simply meant to help to find an option. Ultimately, everyone has different goals and unique family situations that can alter the appropriate amount of life insurance to have in place.
If you do not want to enter a “percentage of income” and would rather look at replacing a fixed gross annual dollar amount, leave percentage of income to replace as 100% and enter annual amount as annual gross salary.
Visit our Instant Life Insurance Quotes page to see quotes for your calculated need based on the Multiple Of Income Calculator.
Annual Income of Insured – The calculator takes into account the annual income of the person that the calculation is based on.
Percentage of income to be replaced (based on gross income) – There is also the ability to take into consideration the percentage of income that would like to be received (gross income). The most common percentage that calculations are based on is 80%. Feel free to use different numbers.
Number of years this income will be required – We commonly run this analysis so that the surviving spouse or beneficiary would receive income until at least retirement (age 67). You could use a number that varies greatly. Changing this number can have a large impact of the amount of life insurance that would be needed.