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Life insurance calculator

Use the calculator below to determine how much life insurance you need.

Benefit amount $0
Benefit Breakdown
Life insurance
$0
Accidental death
$0
Critical Illness
$0
Child coverage
$0

Use this calculator to analyze how much life insurance you require considering the four common needs:

Loans & Debt

Income & Loved Ones

Final Expenses

Everything Else

Use tabs above to configure these one at a time.

Loans & Debt

Provide the amount of coverage you need for each of these items.

You can add a maximum of $30,000,000 for Mortgage

Enter your mortgage balance, or an amount by which you want to reduce it. Most people will want to pay off their home so their family won't need to worry about house payments.

You can add a maximum of $1,000,000 for Auto loans

You can enter the current balance of your car's loan(s) if you intend for your family to keep the vehicle.

You can add a maximum of $1,000,000 for Credit Card debt

If you'd like to clear your credit card debt, enter the typical balance you carry on your cards.

You can add a maximum of $1,000,000 for Student loans

Adding the balance of any outstanding student loans you might have to your life insurance will protect your family from taking up those payments when you're gone.

You can add a maximum of $10,000,000 for Other loans

Don't forget to add balances for other loans, such as personal loans or lines of credit.

Provide the amount of coverage you need for each of these items.

Mortgage

Enter your mortgage balance, or an amount by which you want to reduce it. Most people will want to pay off their home so their family won't need to worry about house payments.

Auto loans

You can enter the current balance of your car's loan(s) if you intend for your family to keep the vehicle.

Credit Card debt

If you'd like to clear your credit card debt, enter the typical balance you carry on your cards.

Student loans

Adding the balance of any outstanding student loans you might have to your life insurance will protect your family from taking up those payments when you're gone.

Other loans

Don't forget to add balances for other loans, such as personal loans or lines of credit.

Income & Loved Ones

Provide the amount of coverage you need for each of these items.

You can add a maximum of $50,000,000 for Replace income

You can add an amount that would equal your income for a number of years to cover the cost of living for your family up through retirement.

You can add a maximum of $50,000,000 for Spouse/Partner

Dedicated funds for your spouse/partner for unforeseen expenses can offer an extra cushion of protection.

You can add a maximum of $10,000,000 for Parents

You may want to leave something for your parents, especially if you're seeing to their care. Take into account any assistance you may be providing in terms of their living arrangements (such as managed care), bills, or other support.

You can add a maximum of $50,000,000 for Children

You can add funds to ensure your children are taken care of. For example, a common benchmark is to add $12,800 per year, per child until they turn 18. Consider adding $25,000 to $50,000 per year for higher eduction.

You can add a maximum of $1,000,000 for Pets

Your pet doesn't need to be left out... you can provide funds to ensure someone has the means to take care of your pet. A $2,000 addition to your life insurance benefit is a common way to provide for your four-legged family members.

You can add a maximum of $50,000,000 for Someone else

Finally, you can provide funds for those outside your immediate family, including other family members, friends, or acquaintances.

Provide the amount of coverage you need for each of these items.

Replace income

You can add an amount that would equal your income for a number of years to cover the cost of living for your family up through retirement.

Spouse/Partner

Dedicated funds for your spouse/partner for unforeseen expenses can offer an extra cushion of protection.

Parents

You may want to leave something for your parents, especially if you're seeing to their care. Take into account any assistance you may be providing in terms of their living arrangements (such as managed care), bills, or other support.

Children

You can add funds to ensure your children are taken care of. For example, a common benchmark is to add $12,800 per year, per child until they turn 18. Consider adding $25,000 to $50,000 per year for higher eduction.

Pets

Your pet doesn't need to be left out... you can provide funds to ensure someone has the means to take care of your pet. A $2,000 addition to your life insurance benefit is a common way to provide for your four-legged family members.

Someone else

Finally, you can provide funds for those outside your immediate family, including other family members, friends, or acquaintances.

Final Expenses

Provide the amount of coverage you need for each of these items.

You can add a maximum of $100,000 for Funeral expenses

Ensure your arrangements are provided for. Common amounts include $3,000 for cremation, $10,000 for a traditional funeral service, or $25,000 if you are thinking of something with a higher cost.

You can add a maximum of $5,000,000 for Medical bills

If you succumb to a medical condition, your family may be left with bills that your medical insurance doesn't cover. You can leave funds so your family won't need to worry about these, such as $75,000 for final hospital bills or $250,000 to cover the treatment of a terminal illness.

Provide the amount of coverage you need for each of these items.

Funeral expenses

Ensure your arrangements are provided for. Common amounts include $3,000 for cremation, $10,000 for a traditional funeral service, or $25,000 if you are thinking of something with a higher cost.

Medical bills

If you succumb to a medical condition, your family may be left with bills that your medical insurance doesn't cover. You can leave funds so your family won't need to worry about these, such as $75,000 for final hospital bills or $250,000 to cover the treatment of a terminal illness.

Everything Else

Provide the amount of coverage you need for each of these items.

You can add a maximum of $100,000,000 for Inheritance

Help to ease your loved ones' lives by providing for their financial needs with an inheritance benefit.

You can add a maximum of $10,000,000 for Cash gift

Life insurance coverage can provide a cash benefit to anyone you choose. You may wish to recognize an extended family member or close friend with funds.

You can add a maximum of $50,000,000 for Charity

Charitable institutions that are close to your heart can also benefit from your generosity. As these organizations depend on voluntary donations, providing for them can be a great way to enable their continued work.

You can add a maximum of $10,000,000 for Accidental death

An accidental death option on your policy will provide an additional cash benefit to your family if you die as a result of an accident.

You can add a maximum of $1,000,000 for Critical illness

A critical illness option on your life insurance allows you to access a portion of your overall benefit before your death to help in the care of a critical illness such as cancer, heart attack, or stroke. For example, you can make $100,000 available to help in the case of a major illness.

You can add a maximum of $100,000 for Child coverage

This option provides a benefit to you in the event of a child's death. As only adults can be covered by a standard life policy, exercising this option can help you with the costs that arise from this unfortunate event.

Provide the amount of coverage you need for each of these items.

Inheritance

Help to ease your loved ones' lives by providing for their financial needs with an inheritance benefit.

Cash gift

Life insurance coverage can provide a cash benefit to anyone you choose. You may wish to recognize an extended family member or close friend with funds.

Charity

Charitable institutions that are close to your heart can also benefit from your generosity. As these organizations depend on voluntary donations, providing for them can be a great way to enable their continued work.

Accidental death

An accidental death option on your policy will provide an additional cash benefit to your family if you die as a result of an accident.

Critical illness

A critical illness option on your life insurance allows you to access a portion of your overall benefit before your death to help in the care of a critical illness such as cancer, heart attack, or stroke. For example, you can make $100,000 available to help in the case of a major illness.

Child coverage

This option provides a benefit to you in the event of a child's death. As only adults can be covered by a standard life policy, exercising this option can help you with the costs that arise from this unfortunate event.

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This website is operated by Ideal Concepts, Inc. and is not connected with nor endorsed by the United States Government or the Federal Medicare program. If you're looking for the government's Medicare site, go to Medicare.gov. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

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This tool provides quote estimates for Affordable Care Act (ACA) plan coverage as well as potential qualifications for different insurance programs in your state. You may or may not qualify for ACA coverage, premium tax credit, or any other recommended state insurance program. You'll find out exactly what you qualify for once you complete the full Marketplace application and get your eligibility results. Please visit HealthCare.gov for more information.

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