Life Insurance Calculator

Life insurance is probably something you don't often think about, but no financial plan is complete without it. And if you haven't yet put a plan in place, life insurance is a great place to start.

To help you determine how much life insurance is appropriate for you and your family, we've developed this easy-to-use life insurance calculator. By providing some basic information on your family's resources, debt and expenses, current life insurance coverage and future income needs, the calculator will give you an estimate of the amount of needed life insurance coverage.

Please complete the information below and enter only whole numbers. Click on buttons containing question marks to display a Help Box on a specific item.

Please review the fields for correction. Fields must contain whole numbers.

1 Your Resources

Liquid Assets: Cash and items that could be easily converted to cash, such as stocks, bonds, vacation property, personal property, etc. Do not include personal residence.
Life Insurance Coverage: Both individually owned (personal) life insurance and that provided by your employer (group).

2 Your Debt and Expenses

Mortgage: Outstanding balance on loans for your primary residence, including any second mortgages or home equity loans/lines.
Other Debt: Credit card balances, automobile loans, student loans, personal loans, etc.
Final Expenses: Funeral expenses, plus unpaid bills (i.e., medical care, taxes). $10,000 is generally the minimum amount of final expenses.
Dependents: Your children or any persons for whom you provide care.
Child/Dependent Care Expenses Monthly Amount: Total monthly dependent/child care expenses, including day care, clothing, food, etc.
Child/Dependent Care Expenses Duration: The length of time (in years) that funds for this care will be needed.
Education: Total estimated education costs for all children/dependents.

3 Your Needs

Income Replacement Monthly Amount: The amount of monthly income your beneficiary(ies) would need, in your absence, to maintain current or desired standard of living.
Income Replacement Duration: Length of time (in years) that your beneficiary(ies) would need this monthly income.
Estimated Rate of Return: The rate of interest your beneficiary(ies) could reasonably expect to receive on any invested assets. 3% is a conservative rate of return, assuming a 0% rate of inflation.


It appears that you may have a shortfall of {{ shortfall | currency : "$" }} in your life insurance coverage. Please remember that this calculation is an estimate based on the information you provided, and should be reviewed with a qualified life insurance professional.

Your local Knights of Columbus agent will be happy to complete a free, comprehensive needs analysis for you and your family, which may uncover a greater or lesser need than this calculator.

Congratulations! It appears that you may have adequate life insurance coverage in place. This is a tribute to your planning and foresight. However, remember that this calculation is an estimate based on the information you provided, and should be reviewed with a qualified life insurance professional, as your needs can change.