How much life insurance do I need calculator
This calculator is for the point after the broad question: you have numbers in front of you and want to see which ones move the total. Start with income and existing coverage. Then add only the debt, mortgage, education, and final-expense amounts you would expect survivors to carry.
The output is deliberately not one magic number. A visible range is more useful when the inputs are choices, not facts supplied by an insurer.
When this page helps
You have a rough household budget, current policy declarations, or mortgage balance nearby and want a five-minute planning pass without opening a quote form.
When it does not
Do not use it to decide whether a policy is legally adequate for a court order, a loan covenant, or a business agreement.
Existing term review: $500,000 existing coverage against a $1.1M DIME mid Planning gap around $600,000 before you decide whether existing coverage is portable or expiring
Debt-only check: $0 mortgage and education, $40,000 debt, five years of $70,000 income, $15,000 final expenses A simple DIME structure shows why a generic million-dollar answer may not fit
Common traps
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Questions
What should I enter for existing coverage?
Enter policies and group benefits that you believe would pay to beneficiaries. Review their term, portability, exclusions, and beneficiary setup outside this calculator.
Why does the calculator ask for both debt and mortgage?
A mortgage is usually large enough to deserve its own choice. Some users want it paid off; others plan for the surviving household to keep the loan.
Can I change the default income replacement years?
Yes. They are editable planning assumptions, not instructions.
Does the calculator send my result to insurance companies?
No. NeedTally is designed without a quote or lead form.
Related
This is a planning estimate, not insurance, legal, tax, or investment advice, and not a recommendation to buy a policy.