Life Insurance Needs Estimator

Seven questions, an itemised answer, and every assumption shown so you can argue with it.

This adds up what your family would need and subtracts what already exists. It is a starting point for a conversation, not a needs analysis. Every assumption is editable and shown in the results, because a number you cannot interrogate is not worth much.

Income replacement

The largest piece for most households. Leave out debts, childcare, and college, since those are asked separately.

Annual income to provideA common starting point is 60 to 80 percent of the take home pay your household would lose.

Years to provide itOften until the youngest child finishes school, or until a surviving spouse reaches retirement.

Money needed right away

Debt to pay off immediatelyMortgage balance, car loans, credit cards, private student loans.

ChildcareTotal cost, not annual. Consider that a surviving parent may need paid care they do not need today.

Emergency fund to leave behindThree to six months of household expenses is a common guideline.

Final expensesDefault is the NFDA national median for a funeral with viewing and burial. Cremation with viewing is about $6,280. Neither includes a cemetery plot or vault.

College

Enter each child you want to fund. Leave the count at zero to skip this entirely.

Children to fund

Type of schoolPublished tuition, fees, housing and food from the College Board, 2025 to 2026. Most families pay less than the published price after grants and scholarships.

What already exists

Personal life insurance you ownLeave out coverage through work. It usually ends when the job does, which is often exactly when it is needed.

Savings and other liquid assets your family would useOptional. Retirement accounts, savings, anything that could realistically be spent for this purpose.

Assumptions

Change these if you disagree with them. They are estimates, not predictions.

Assumed annual return on the proceedsWhat the money might earn while it is being drawn down.

Assumed annual inflation

Assumed annual college cost increase

Estimated Gap

Needs versus resources

This calculator is a simplified educational worksheet. It is not a recommendation to buy, replace, or change any insurance product, and it is not a professional needs analysis. It does not account for Social Security survivor benefits, employer provided coverage, pensions, taxes, changing income or expenses, or your health and insurability. Results are hypothetical, are based solely on the figures and assumptions you enter, and are not a projection or a guarantee. Charles Atkinson is licensed to offer life insurance and fixed indexed annuity products and therefore has an interest in the outcome of this calculation, which you should weigh accordingly. Please discuss any coverage decision with a licensed professional before acting. Nothing you enter is transmitted or stored. Sources: college costs are published tuition, fees, housing and food averages for 2025 to 2026 from the College Board Trends in College Pricing report. The default final expense figure is the national median cost of a funeral with viewing and burial from the National Funeral Directors Association 2023 General Price List Study, which excludes a cemetery plot and vault and varies by region. Both are national figures and may differ substantially from costs in your area.