Life insurance calculator

Anyone with financial obligations should have life insurance, but determining how much can be a challenge. The amount of life insurance you need comes down to how much money your loved ones would need for future expenses if your income were no longer available.

A few things to consider when entering your information:

  • What is your current salary? We generally suggest seven to 10 times your pretax annual salary as a starting point, but the life insurance calculator below will give you a more precise recommendation based on your needs.
  • What do you want to leave behind for loved ones? If you’re hoping to leave an inheritance, you may want to consider permanent insurance. The calculator below can help you determine the insurance coverage that will provide your loved ones with the money they need.

Use our life insurance calculator to aid in your decision-making.

Life insurance calculation FAQs

How do you calculate life insurance?

Because life insurance coverage needs vary from person to person, there is no single calculation that can determine how much life insurance someone needs. Instead, consider how extensive you need coverage to be and get estimations with the life insurance calculator.

What is the rule of thumb for calculating life insurance?

Multiplying your income by 10 is a good place to begin calculating your life insurance needs, though this rule of thumb doesn't work for everyone. Consult a financial advisor if you want help determining how much life insurance coverage you need.

What age should you get life insurance?

All adults should strongly consider getting life insurance. The type of life insurance and the coverage you choose may vary by age.

Important information:

This calculator is intended to provide general information about life insurance needs based on information and assumptions provided by you. Because of this, the accuracy of this information is not guaranteed and is dependent upon the accuracy of the information that you provided. Results may vary depending on your individual circumstances. This calculator does not ensure the availability of or your eligibility for any specific product or amount of insurance.

The information is provided for illustrative purposes only and does not constitute a recommendation. There may be other factors that you will need to consider when ultimately deciding how much life insurance is appropriate. This information is not intended to offer any tax, legal or financial advice. It is always a good idea to consult your tax, legal and financial advisors regarding your specific situation.

The information in this report about the likelihood of various outcomes is hypothetical. There is no guarantee that the rate of return selected can actually be achieved. Investments offering the potential for higher rates of return also involve a higher degree of risk. Commissions, fees, taxes or other charges are not included in this report and could impact results.

Edward Jones is a licensed insurance producer in all states and Washington, D.C., through Edward D. Jones & Co., L.P., and in California, New Mexico and Massachusetts through Edward Jones Insurance Agency of California, L.L.C.; Edward Jones Insurance Agency of New Mexico, L.L.C.; and Edward Jones Insurance Agency of Massachusetts, L.L.C.