Life Insurance Coverage Calculator

Calculate how much life insurance coverage your family needs

How Much Coverage Do You Need?

Use this simple calculator to determine the right amount of life insurance coverage for your family's needs.

Income Replacement

Formula: Annual Income × Number of Years to Replace

Example: $60,000 × 10 years = $600,000

Consider:

• How long your family would need your income
• Inflation and cost of living increases
• Your spouse's earning potential
• Social Security survivor benefits

Debt Coverage

Include:

• Mortgage balance
• Car loans
• Credit card debt
• Student loans
• Personal loans

Example: $300,000 mortgage + $25,000 car + $10,000 credit cards = $335,000

Education Costs

Formula: Number of Children × Annual College Cost × 4 Years

Example: 2 children × $25,000 × 4 years = $200,000

Consider:

• Public vs private college costs
• Inflation in education costs
• Scholarships and financial aid potential

Final Expenses

Typical Costs:

• Funeral services: $7,000 - $12,000
• Medical bills: $500 - $5,000
• Legal fees: $1,000 - $3,000
• Estate taxes: Varies by state

Total: $10,000 - $20,000

Emergency Fund

Formula: Monthly Expenses × 6-12 Months

Example: $5,000 × 12 months = $60,000

Quick Calculator

Factors That Affect Your Needs

Age

• Younger families need more coverage
• Older individuals may need less

Health

• Healthier individuals get better rates
• Pre-existing conditions affect premiums

Lifestyle

• High-risk activities increase premiums
• Safe drivers get better rates

Occupation

• Dangerous jobs cost more
• Office workers get better rates

Get Your Personalized Quote

Our licensed agents can help you calculate the exact coverage you need and find the best rates.

📞 Call: (904) 344-5584
📧 Email: [email protected]

Remember: It's better to have too much coverage than not enough. Your family's financial security is worth it.