How to use this calculator
Fill in each section for both Person A and Person B. Your personalized summary and recommended coverage appear at the bottom. Click any icon for a plain-language explanation.
= Enter your value= Calculated automatically
List every debt your family carries. If you died today, these would need to be paid in full. Enter the balance still owed, not the monthly payment.
DEBT TYPEOUTSTANDING BALANCE ($)
TOTAL HOUSEHOLD DEBTS
One-time costs that arise when someone passes away. Funerals, legal fees, and estate taxes often exceed $20,000 and must be settled within months.
EXPENSE TYPEESTIMATED AMOUNT ($)
TOTAL FINAL EXPENSES (excl. education)
How many years would your family need income replaced if Person A were gone? Common choices: 1 year (short-term), 3 years (adjustment), 8+ years (long-term).
ITEMAMOUNT ($)
List coverage and assets that would immediately reduce what's needed – group life, existing policies, savings earmarked for this purpose. Include only amounts available now.
COVERAGE / ASSETAMOUNT ($)
TOTAL OFFSETS – PERSON A
Repeat for Person B. Even if one partner earns less or works at home, consider the real cost of replacing what they contribute – childcare, household management, and more.
ITEMAMOUNT ($)
COVERAGE / ASSETAMOUNT ($)
TOTAL OFFSETS – PERSON B
Your personalized insurance needs summary
The calculator totals your needs above, then subtracts any coverage you already have. The "How This Was Calculated" panel below each result explains the breakdown in plain language.
PERSON A
RECOMMENDED COVERAGE – PERSON A
HOW THIS WAS CALCULATED
Fill in Person A's income, years, and offsets to see a breakdown here.
PERSON B
RECOMMENDED COVERAGE – PERSON B
HOW THIS WAS CALCULATED
Fill in Person B's income, years, and offsets to see a breakdown here.
The formula – calculate manually if needed:
Coverage Needed = (Income Replacement + Education + Final Expenses + Debts) − Existing CoverageRun this calculation separately for Person A and Person B using the totals above.
QUESTIONS TO ASK YOUR ADVISOR
- What policy type is right for our situation? (term / whole / universal)
- How does our health history affect the premium estimate?
- What riders or additional coverage should we consider?
- How often should we review and update this calculation?
IMPORTANT NOTICE This worksheet is for educational purposes only. It is not financial, legal, or tax advice. Insurance needs vary based on health, age, lifestyle, family structure, and many other personal factors. Always work with a licensed insurance or financial advisor before making any coverage decisions.
Ready to take the next step?
Visit www.plantolive.com for our full suite of planning tools.
Visit www.plantolive.com for our full suite of planning tools.
Definitions & Guidance
▾Help
You Have the Number.
Now, Let’s Secure the Strategy.
Knowing you need coverage is the easy part. Building a financial engine that pays for that protection while still growing your wealth is where the "Plan To Live" system excels.
Don't just buy a policy - build a plan. Explore our Foundations Programs to learn how to integrate protection, savings, and growth into one unbreakable lifestyle.
Plan To Live is your real-world financial educator, planning partner, and coach in action.
We turn hopes into habits with a simple, proven framework, making personal growth practical and financial success achievable.
Prepared by Plan to Live Inc., this material offers general information on legal, financial, planning, and advocacy topics as of publication and is not professional advice. Readers should seek advice for their circumstances before acting, and Plan to Live Inc. and its representatives disclaim liability for errors, omissions, or reliance-related losses, including negligence.