Enter your take-home pay and everyday monthly expenses to see how much of your budget is available for insurance, and how much coverage your household may still need. Nothing you type leaves your browser.
Understand your options
Before you look at numbers, it helps to know what each product is designed to do.
Term Life
Coverage for a set number of years, such as 10, 20 or 30. It pays a death benefit if you pass away during the term and usually has the lowest premium for the amount of coverage.
Often used for: replacing income while children are at home or a mortgage is being paid.
Whole Life
Permanent coverage that lasts your entire life as long as premiums are paid. Premiums are level and the policy builds guaranteed cash value over time.
Often used for: final expenses, leaving an inheritance, lifelong protection.
Indexed Universal Life (IUL)
Permanent coverage with flexible premiums. Cash value earns interest linked to a market index, with a floor that limits losses and a cap that limits gains.
Often used for: lifelong protection with cash value growth potential.
Annuities
A contract with an insurance company that turns savings into income, either right away or later. Annuities are a retirement product, not life insurance.
Often used for: income you cannot outlive and protecting savings from market loss.
Now that you better understand the 4 types of Life Insurance products, pick each one you have an interest in.
How this calculator works
Your estimated coverage gap is 3 to 5 years of your take-home income, plus your debts, minus the life insurance and assets you already have.
This calculator gives general estimates for educational purposes only. It is not financial, tax, or legal advice and is not an offer of insurance. Coverage, premiums and eligibility depend on underwriting by the insurer. Speak with a licensed professional before making decisions.