LIFE INSURANCE CALCULATOR
How much life insurance cover might you need?
Add your income, mortgage, debts and any cover you already have, and we will estimate a sensible level of cover to aim for.
Your family's income needs
Think of your annual salary, or the yearly amount your family would need.
How many years would you like your dependants to be covered?
Debts and existing cover
The amount required to clear your mortgage completely.
Include credit cards, personal loans, car loans. The average cost of a funeral was $7,848 in 2024.
Include the value of any policies or investments that would pay out in the event of your death.
Your estimate will appear here
Fill in the yearly amount and number of years, then choose Calculate my cover.
Disclaimer: This calculator provides estimates for informational purposes only and does not constitute insurance or financial advice. Life insurance products are underwritten by licensed insurance carriers. Availability, terms, and rates vary by state. Comparison Genius is not a licensed insurance provider. Consult a licensed insurance professional in your state before purchasing. Life insurance in the USA is regulated at the state level by each state's Department of Insurance.
How this calculator works
- 1
Work out the income to replace
Multiply the yearly amount your dependants would need by the number of years you want to cover.
- 2
Add what would need clearing
Include the outstanding mortgage plus loans, credit cards and funeral costs. The average cost of a funeral was $7,848 in 2024.
- 3
Subtract cover you already have
Existing policies, death in service benefits and investments reduce the gap you need to fill.
Common questions
- How much life insurance do I need?
- A common rule of thumb is 10–15x your annual income, but you should also factor in your mortgage balance, outstanding debts, childcare costs, and future education expenses. Use our calculator above.
- How much does life insurance cost in the USA?
- Costs vary by state, age, health, and coverage amount. A healthy 35-year-old can expect to pay around $25–$40/month for a $500,000 20-year term policy. Smokers typically pay 2–3x more.
- Is life insurance taxable?
- In most cases, life insurance death benefits are not subject to federal income tax. However, if the policy is part of a large estate, it may be subject to estate taxes. Consult a tax professional.
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