Using a Life Insurance Calculator

Estimating your coverage needs and figuring out your premium amounts can get a little complicated. We'll show you how to crunch the numbers and use a simple tool to make it easier.

Premiums can vary by as much as 50%. Visit Netquote, where you can fill out a short form, select a plan, and input your personal data for a true personalized quote in minutes. Click here to start.

Use Insurecom to compare additional term life and whole life quotes, and get expert advice from an agent in your area, who can help you design a plan that's right for you. Click here to fill out a quick form.

Your life insurance coverage

You don't need to unearth all your bills for the last year to get an accurate estimate of your family's annual financial needs, you just need to know the expenses that matter. We're here to tell you how!

Estimating your life insurance coverage

To get a rough approximation multiply your annual salary by eight. For a better estimate, multiply your salary by five and then add your current expenses plus your future financial obligations.

Calculating your life insurance coverage

When you're ready to purchase a policy, you need an accurate life insurance coverage amount.

To obtain an accurate amount, consider your family's short and long term financial needs:

  • medical expenses
  • funeral costs
  • debts and loans
  • daily expenses
  • mortgages

Add up all these expenses and then subtract your assets (mutual funds, stocks, bonds, other life insurance policies) to get your total needed life insurance coverage amount.

Life insurance calculators

Calculate your life insurance coverage amount by using a life insurance calculator.

Try Netquote's life insurance calculator.

To use it, simply visit Netquote and click on the link labeled "Life Insurance Needs Analyzer".

Start using the calculator now.



Next: Get low cost life insurance

For more help . . .

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

Our free life insurance course is designed to help you do just that.

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