Coverage Calculator

How This Calculator Works

This tool estimates a life insurance coverage amount by combining three common needs: replacing your income for your dependents, providing for each dependent, and covering outstanding debt such as a mortgage. It then subtracts your existing savings, on the basis that savings already provide some of the buffer life insurance is meant to create. The income multiplier varies with the lifestyle you select, reflecting that a higher-cost lifestyle requires more income replacement to sustain.

What the Result Means

The figure is a rough starting point for thinking about how much life insurance you might need, not a recommendation. It is most useful as a sense of scale: whether you are in the tens of thousands, hundreds of thousands, or beyond. The minimum output is capped so the tool never suggests an unrealistically low amount.

What This Tool Does Not Account For

• Inflation and how the purchasing power of the payout changes over the years your dependents rely on it.
• Existing life insurance you may already have through work or elsewhere.
• Future income growth, education costs for children, or special needs dependents.
• Tax treatment of payouts and any estate considerations in your jurisdiction.
• The length of time your dependents would actually need support.

A common rule of thumb is a multiple of income, but the right number depends on your family's real obligations. Use this estimate to start the conversation with a licensed advisor, not as a final figure. See our Methodology page for more on how our tools are built.