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Life Insurance Needs Calculator

A planning worksheet for you and your partner

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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
SECTION 1 – HOUSEHOLD DEBTS
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
SECTION 2 – CHILDREN'S EDUCATION & FINAL EXPENSES
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)
SECTION 3 – PERSON A: INCOME REPLACEMENT
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 ($)
SECTION 4 – PERSON A: EXISTING LIFE INSURANCE & OFFSETS
List coverage and assets that would immediately reduce what's needed – group life, existing policies, savings earmarked for this purpose. Include only amounts available now.
COVERAGE / ASSETAMOUNT ($)
TOTAL OFFSETS – PERSON A
SECTION 5 – PERSON B: INCOME REPLACEMENT
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 ($)
SECTION 6 – PERSON B: EXISTING LIFE INSURANCE & OFFSETS
COVERAGE / ASSETAMOUNT ($)
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 Coverage
Run this calculation separately for Person A and Person B using the totals above.
SECTION 7 – YOUR NEXT STEPS
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.
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This material is prepared by Plan to Live Inc. and is intended to provide general information on legal, financial, planning, and advocacy-related topics as of the date of publication. The information is provided in summary form only and does not constitute legal, financial, tax, or other professional advice, nor should it be relied upon as such.

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