# Life Insurance Needs Calculator | Lighthouse Legacy Strategies

> Estimate how much life insurance your family may need. Income replacement, mortgage, debts, education and final expenses, less what you already have.

Canonical page: https://lighthouselegacystrategies.com/financial-tools/life-insurance-calculator

# 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.

Want help understanding your results?

## 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.

## Other tools worth two minutes

## Numbers are a start. A conversation is the next step.

Bring what this gave you. I will tell you what it misses, what it gets right, and what is actually worth doing about it.

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Lighthouse Legacy Strategies, the independent insurance practice of Sharon Donovan, a licensed life insurance and annuity agent in Arkansas, Missouri and Texas, based in Little Rock, Arkansas. Retirement income planning, annuities, life insurance and IUL with living benefits, final expense and mortgage protection.

Sharon Donovan (501) 516-9456 (call or text), sharon.donovan@wealthwave.com. By appointment, including evenings. Most consultations happen by phone or video.

Important disclosures: Lighthouse Legacy Strategies is an independent insurance practice. Sharon Donovan is a licensed insurance agent (NPN 18170848) in Arkansas, Missouri and Texas. This website is for educational purposes only and is not financial, tax, legal or investment advice. Guarantees are backed by the claims-paying ability of the issuing insurance company. Policy loans and withdrawals reduce cash value and death benefits. Not affiliated with any government agency. Full set: https://lighthouselegacystrategies.com/disclosures

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