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How Much Life Insurance Do I Need?

The amount of life insurance you need may depend on how much your family will need to cover future expenses in the event of your death. You should consider your family's comprehensive future expenses and income, including major life events. Based on these determinations, and the length and type of the policy of your choosing, this life insurance calculator will present results that will help you plan for their future. Your current assets are also important to consider, along with any potential for those assets to increase in value.


How Much Life Insurance Do I Need?

Financial Calculator

Life insurance can help protect your family financially. That's why it's important to customize your policy based on your needs, your expenses and your assets. In just 5 simple steps, this tool can help you get an estimate of how much life insurance you might need.

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How Much Life Insurance Do I Need?

Current Total


Income Replacement

What is your net annual income?

How many years of income would your policy's death benefit provide for your family? (Recommended: 3 to 7 years)


Mortgage Balance

How much money do you currently owe on your mortgage balance?

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Education Expenses

How much will it cost to educate your child? (General estimate: $100,000 for four-year in-state public university and $200,000 for private college)

How many children will you pay for?

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Other Debts and Expenses

How much debt do you have? (Auto, loans, credit cards)

How much will your final expenses be? (Typically $10,000-$15,000)

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Your Assets

How much in available assets do you have? (Includes savings, certificates of deposit, other)

How much additional life insurance do you have?

Back Finish

Based on your inputs, you should consider having $0 in life insurance.

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An Allstate agent can help protect your family's future with life insurance. Contact an agent to discuss what type of policy fits your needs and budget.

Quick Tips

  • Term life insurance offers coverage for a set time period. Read more
  • Permanent life insurance provides lifelong protection. Read more
  • Your employer's life insurance might not offer sufficient coverage. Read more
  • Your policy's beneficiary can be a person, charity or trust. Read more

Ready to buy a life insurance policy? Have questions? An agent can help.

Find an agent >
Life insurance offered through Allstate Life Ins. Co. & Allstate Assurance Co., 3075 Sanders Rd, Northbrook IL 60062; Lincoln Benefit Life Co., 1221 N St. Ste 200, Lincoln NE 68508; American Heritage Life Ins. Co., 1776 American Heritage Life Dr., Jacksonville FL 32224. In New York, life insurance offered through Allstate Life Insurance Company of New York, Hauppauge NY. © 2016 Allstate Insurance Company, Northbook, IL.
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