Term Life Insurance Calculator

Your age and income have a direct bearing on your life insurance needs. Generally,  the younger you are, the more insurance you need to replace a loss of lifetime income for your beneficiary. To calculate your coverage, select your age category and determine the multiple of coverage. Enter your multiple and your income into the calculator to determine the amount of coverage you should have.

Many people purchase their life insurance policy with the intent to replace income and experts recommend that you purchase 5-10 times your current annual income. This is an old rule of thumb that does not take into consideration current assets and any special needs you and your family may have.

Use our special term life insurance calculator to estimate how much life insurance you need. Simply enter your requirements below:

 TERM LIFE INSURANCE CALCULATOR

 Annual pre-tax income needed:
(Multiple X annual income)
Your Age Recommended Maximum Available
20 - 30 15 X 20 X
31 - 40 15 X 20 X
41 - 50 10 X 15 X
51 - 60 7 X 10 X
61 - 65 5 X 7 X
66 or Older 3 X 5 X

 

 Multiple X (from above table):
 Your current annual income: 
 Coverage needed: 

Non-working Spouse Coverage: Insurance companies use $35,000 as the income value for a non-working spouse. Use $35,000 for income and the multiple for your  age group when calculating the coverage amount. Insurance coverage on a non-working spouse cannot normally exceed 50% of the coverage on the working spouse.

You would be surprised how little time and money it takes for peace of mind!!!




What would happen to your family if you were gone tomorrow?


Will your family be stable and live the life they deserve if something was to happen to you?


If you have just a few spare minutes to make sure your family has a life time of happiness then Click Here and let our 22 years of experience guide you through making the right decision!!!