Choosing the right life insurance coverage isn't just about picking a number - it's about ensuring your loved ones have the financial security they need if you're no longer there to provide for them.
Explore your coverage needs by considering your current income, debts, savings, and potential future expenses like paying for college. Note that this tool doesn't factor in other sources of income your family may receive, and it takes a cautious approach that doesn't assume hypothetical investing gains on the payout. Consider these factors separately when estimating your needs.
Remember, this tool just provides a starting point. Consult with a qualified financial professional for advice tailored to your specific situation.
This figure should approximate your after-tax yearly income.
Enter how many years your family would need replacement income if you were no longer there.
If checked, we'll adjust anticipated income needs by adding 3% annually.
If you have no children requiring college funding, click Next to skip this step.
A few other options to consider when planning your policy benefit.
If you don't already have a full-funded emergency fund, consider including funds for 3-6 months of expenses that your family might need in addition to ongoing income replacement.
Any other expenses not covered above (special care needs, private school tuition, and other costs).
Current insurance and savings reduce the additional coverage you need.