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This Life Insurance Calculator will provide you with an estimate of the amount of life insurance needed to replace a deceased wage earner's income. If you need a more precise calculation, please see our Advanced Life Insurance Calculator.

 

Enter the annual replacement income that will be needed if the insured dies prematurely (before-tax).

Enter the number of years the replacement income will be needed by dependents / beneficiaries.

Please estimate the average annual interest rate you can earn on the invested life insurance proceeds. (%)

Enter your estimate of the average annual inflation rate. (The average rate for the last 10 years has been approximately 3 %)

Click on "Compute" to calculate the amount of life insurance needed to replace a deceased's lost annual income:

 

You may also use the table below as a guideline for your life insurance needs.

Age

Income Multiple

Sample Income

Sample Need for Insurance

18 - 30

15 X income

$50,000

$750,000

31 - 40

12 X income

$50,000

$600,000

41 - 50

10 X income

$50,000

$500,000

51 - 65

8 X income

$50,000

$400,000

65+

5 X income

$50,000

$250,000

 
 
 
   
   
   
   
 

The information in this web site is provided as a courtesy and for educational purposes only. Please consult your legal and tax advisor for specific information pertaining to your situation.