Life insurance needs calculator.
See how much coverage you'd actually need. Or whether you need any right now. We don't sell policies and don't earn commissions, so the answer is just the math.
Coverage you likely need
$2,750,000
That's roughly what your family would need to replace your income and cover what you'd leave behind.
Where the number comes from
Total need: $2,860,000
Recommended term length
If you buy coverage, a term of 20 years is a reasonable fit. That covers you through the years your family would most need it.
What this typically costs
Rates depend heavily on age and health. As a reference point, a healthy 30-year-old buying $500,000 of 20-year term coverage typically pays $20 to $30 per month. A 45-year-old typically pays $60 to $100 per month for the same coverage. Your actual rate requires a quote from an insurer.
Heads up. Coverage from your job usually ends when you leave the job. If you'd want coverage no matter where you work, plan for that.
Planned doesn't sell insurance and doesn't earn commissions. This is math on what your family would need, not a sales pitch.
Based on the common five-component approach to estimating coverage needs (debts, income to replace, mortgage, education, end-of-life costs). Coverage-gap context: LIMRA Life Insurance Barometer Study. Not financial advice.
You know your coverage need.
The quiz shows you whether life insurance should be a priority right now versus debt, investing, or emergency savings, in your full financial picture.
Take the quizFrequently asked questions
Honest answers about what this tool measures and what it doesn't.
How much life insurance do I actually need?
Enough to cover what your family would lose and what they'd be left to pay. That usually means a few years of your income, the mortgage, any other debts, a college fund if you have kids, and end-of-life costs. Subtract what you already have in savings and any coverage you already carry, and what's left is the gap. The calculator on this page does that math for you and shows where each dollar comes from.
What if I don't have kids or a mortgage? Do I still need it?
Often, no. If no one would be left struggling without your income and your savings could cover your debts and final costs, life insurance is solving a problem you don't have. The honest answer is to skip it for now and revisit when something changes. A new mortgage, a child, a partner who'd rely on your income. That's the moment to come back to this question.
Is the coverage from my job enough?
For most people, no, and there's a catch worth knowing. Coverage you get from work usually ends the day you leave that job. If you change employers, get laid off, or take time off, the coverage goes with the role. Group-employer coverage is a fine baseline, but if you have dependents you almost certainly want a separate policy you own and control.
What's the difference between term and whole life? Which should I use?
For most people, term is the right answer. Term covers you for the years your family would need it (typically 20 to 30 years), then ends. The cost per dollar of coverage is low. Whole life is often pushed by commissioned agents because it pays them more. For most buyers it underperforms the simpler approach of buying term coverage and investing the difference in a low-cost index fund, while costing 5 to 15 times more per dollar of coverage. The narrow exceptions where whole life can make sense are estate planning at very high net worth and providing for a lifelong dependent. If a salesperson is steering you toward whole life and your situation isn't one of those exceptions, get a second opinion.
Why does your number differ from the 10-times-income rule?
The 10-times rule is a quick heuristic. It treats everyone the same, regardless of debts, dependents, savings, or coverage you already have. The five-component approach this calculator uses is more personal. Someone with a paid-off house and three young kids has a very different need from someone with a $400,000 mortgage and no children, even if their incomes are identical. Both numbers are reference points. If they're far apart, the personalized one is usually closer to right.
How often should I recheck this?
Any time something material changes. A new job, a baby, buying a house, paying off a major debt, or a partner's income changing significantly. Once a year as a quick check is plenty if nothing big has happened. The number is a snapshot of your current life, so update it when your life updates.