How much life insurance might your family need, in about 3 minutes
Coverage is not a multiple of salary. It is a set of jobs the money has to do after you are gone. Fill in what you know and leave the rest at zero.
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What this assumes
- Income replacement is calculated as annual income multiplied by the number of years you chose. It is not adjusted for inflation, investment growth or taxes.
- Education is the per-child figure you entered multiplied by the number of dependents.
- Existing coverage and available savings are subtracted in full.
Reading your result
What this calculated
A total of the jobs your coverage would have to do, less the resources your family already has for them. The difference is the gap.
Why the number matters
Most households carry coverage sized by a rule of thumb or by whatever the employer provided. Neither is connected to the mortgage balance or to how long the income is actually needed.
What could change it
Paying down the mortgage, a change in income, a new child, or existing coverage ending when a job does. Group coverage usually does not follow you.
Reasonable next steps
Confirm what your employer coverage actually pays and whether it is portable, then look at what it would cost to close the remainder.
This tool is educational and does not provide financial, investment, tax, legal or insurance advice. Results are estimates based only on the information you enter and the assumptions shown, they are not a quote, an offer of coverage or a promise of any outcome, and your actual situation will differ. Insurance guarantees are backed by the claims paying ability of the issuing insurance company. Speak with a licensed professional before acting on anything you see here.
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