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Insurance Amount Calculator

3/3/2014

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A common question people who are seeking Term insurance ask is: how much insurance coverage do I need?

This calculator helps you answer this question. It considers the following important factors:
  • Lost income (your insurance should cover at least 2 years of your annual income)
  • Your debt (your insurance should cover all your debts, such as student loan, car loan, credit loan, etc.)
  • Your mortgage (your insurance should cover the remaining mortgage balance on your house)
  • Your child(ren)'s education expenses (with average annual expense of $35,000 and grow at average 5% per year, 4 years' education expense could be a huge number)

Enter your actual numbers into the areas highlighted in yellow and see how much Term life insurance coverage you need.
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