Agent Success HubLife Insurance Needs Calculator
Estimate how much life insurance coverage may be needed to protect your family.
Life insurance needs are different for every family. Use this simple calculator to estimate financial protection for income replacement, debts, final expenses, education, emergencies, and long-term family goals.
Income Replacement
Enter the income you'd want your family to receive if you were no longer able to provide it.
Enter the gross annual income you would want your family to receive.
A common planning range is 5 to 20 years, depending on your family's needs, age, dependents, and long-term goals.
Types of Life Insurance
A brief overview of common life insurance options and how each one may fit different family and financial goals. Your licensed professional can help you choose what fits best.
Term Life Insurance
Provides a death benefit for a specified term — commonly 10, 20, or 30 years. If you pass away during the term, your beneficiaries receive the payout. There is no cash value component.
- Lowest cost per dollar of coverage
- Simple and easy to understand
- Ideal for income replacement, mortgages, and raising children
- Convertible options may allow upgrading to permanent later
Whole Life Insurance
Permanent coverage that lasts your entire life as long as premiums are paid. Includes a guaranteed cash value that grows tax-deferred and can be borrowed against.
- Coverage never expires
- Fixed, predictable premiums
- Guaranteed cash value accumulation
- May pay dividends (with participating policies)
Universal Life (UL)
Permanent insurance with adjustable premiums and death benefits. Cash value grows based on current interest rates, giving you flexibility as your needs change.
- Adjustable premiums and death benefit
- Tax-deferred cash value growth
- Can be structured for estate planning
- Flexible funding options
Indexed Universal Life (IUL)
A form of universal life where cash value growth is linked to a stock market index (like the S&P 500), with a floor to protect against losses and a cap on gains.
- Downside protection with 0% floor
- Upside potential linked to index performance
- Tax-advantaged access via policy loans
- Living benefits often available
Variable Life Insurance
Permanent life insurance where cash value can be invested in sub-accounts similar to mutual funds. Higher growth potential comes with higher risk.
- Greater long-term growth potential
- Wide range of investment choices
- Permanent death benefit
- Tax-deferred investment growth
Final Expense Insurance
A smaller whole life policy (typically $5,000–$50,000) designed to cover funeral, burial, and other final expenses. Often available with simplified or no medical underwriting.
- Easier to qualify for
- Affordable smaller premiums
- Coverage never expires
- Eases financial burden on family
Educational overview only. Product availability, features, riders, and pricing vary by insurer, state, and individual underwriting.