How to Calculate Your Life Insurance Needs & Cost
When it comes to life insurance, many people’s first question is “how much is life insurance?” The cost of life insurance is often overestimated, but we make it simple to get an idea of how much you might pay for coverage with our Life Insurance Calculator. Not only does our calculator make it easy to estimate how much coverage you need, but you’ll get an immediate price quote* to give you a better idea of the cost you’ll pay to protect your loved ones’ future. As you work your way through the calculator and compare quotes and coverage amounts, you can adjust your level of coverage to align with your needs.
When calculating how much life insurance coverage you need, the outcome is unique to each person and family. That’s why our agents work with you to customize your policy specifically to you. Not sure what factors go into estimating your coverage amount? We’re here to help. Take a look at the key things to consider when determining your life insurance needs:
Calculate your expenses. Consider the cost of day-to-day needs and ongoing expenses your family could be left with.
Final expenses. Final expenses include things like funeral, cremation, and memorial services.
Income. How much of your annual income would your loved ones need to maintain current living standards? And how many years would they need to have that extra financial support?
Add up your assets. Calculate your bank accounts, investments, real estate, retirement accounts, CDs, existing life insurance and any other assets you own that may be liquidated at the time of death to help cover expenses.
Now that you know the general guidelines for calculating your life insurance needs, head to our calculator to discover how much coverage you need and compare price quotes for our different levels of coverage.
Keep reading to better understand how much life insurance you need.
*Subject to product specifications. Some products and coverage amounts cannot be quoted online and will require agent assistance.