take action

Other Services

How much insurance do you need?

Financial professionals estimate your life insurance needs from two perspectives:

Income replacement

If your spouse or family depend on your income, life insurance can help replace your income for a given number of years or if you are responsible for caring for your child(ren) or home, life insurance can help pay for someone to provide those services

Survivor needs

Your family may have major debts such as a home mortgage, or major future expenditures such as college tuition or your life insurance benefit would help your family meet its financial commitments in the event of your premature death

Use the tool below to estimate your total insurance needs. Then compare the results to your current coverage. Have your needs changed?

Life Insurance Estimator

Enter your Gross Annual Income:

Enter number of years your income would need to be replaced:

Enter amount to provide for your children's education:

Enter your total debt amount (including mortgage, credit cards, etc):

Enter your total savings and investments:

Income replacement need is calculated as: 65% of your annual income with a 4% real return on invested benefit payment (assumption: 8% nominal return – 4% inflation rate; actual returns and inflation will vary and may be negative) X number of years replaced. The calculation uses 65% of your pre-tax income because life insurance benefits are generally paid income tax-free to recipients.

PLEASE NOTE: This calculator is intended to assist you in approximating an amount of life insurance coverage if death occurred today and is not a recommendation for specific coverage amounts. The actual amount of life insurance to meet the financial needs of your estate or family may be significantly different. Millhiser Smith does not guarantee that this figure will meet the financial needs of your estate or family. You are responsible for selecting the appropriate amount of coverage. Higher coverage amounts may be selected and may result in higher premiums.