Life Insurance Calculator

Use our advanced Term Life Insurance Calculator below, to generate an estimated coverage amount for your life insurance policy.

Term Life Insurance policies have durations ranging from 10 years to as long as 40 years. Read more below, to see which policy you need.

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Life Insurance Calculator
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How much money do you want your family to receive each year? This will serve as a replacement for your salary.
years
If your youngest child is 3 years old, and you want your family to have income until they are 21. Calculate 21 – 3 = 18.
$
How much do you currently have in a savings or investment account for your family to dip into?
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The average cost of a traditional funeral is $8,500
Based on your income, the calculator estimates how much coverage you need. Here you can add things like college or wedding expenses for your children.

Child Fund Amount

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This amount reduces the size of the policy you need. Do not assume you will be able to continue working as a single parent.

Spouse’s Income

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years

Variables

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Life Insurance

Feel Reassured that Your Children are Covered

Standard Term Life Insurance Policy Durations

  • 10 Year Term Life Insurance
  • 15 Year Term Life Insurance
  • 20 Year Term Life Insurance

Term life insurance is purchased to provide for your spouse and children in the event that you die. Therefore, most term life insurance policies will usually last no longer than 20 years.

For example; If your children are ages 3, 5, and 7, then you will probably choose a 15 year or 20 year policy will be cover you in the event that you die before your child is 18 years old.

If your children are already teenagers, then you will be looking at a shorter term policy of 10 years. These types of policy is to provide for your children until they are finished college. Many people consider a policy that will not only replace their income, but also provide for their kids college tuition or wedding expenses.

Unique Term Life Insurance Policy Durations

  • 25 Year Term Life Insurance
  • 30 Year Term Life Insurance
  • 40 Year Term Life Insurance

A 25 year, 30 year or 40 year term policy is usually used to cover a home mortgage, or to be a retirement plan.

When we hear about mortgage protection insurance, it is usually a policy that the bank / mortgage lender requires you to take out. But MPI is paid to the lender, it does not go to your spouse or kids. If you want your inheritors to receive a payout when you die, then you need a specific life insurance policy for that. Some people take out a term life policy to cover debts like a mortgage, or a personal loan.

One Size Fits All Life Insurance!

Getting life insurance is a huge headache to most people, because there is no one size fits all policy. Unlike your mobile phone service, you cannot ask your friends what policy they have, because their financial situation is different than yours.

However, a quick phone call to a life insurance agent can help you get the answers you need.

Life Insurance Calculator Spouse

Spouse

Ensure your spouse is taken care of, by getting a life insurance policy that will replace your income.

Life Insurance Calculator Kids

Children

Ensure your children are being cared for. A life insurance policy is to provide enough income so that your children will have what they need until adulthood.

Life Insurance Calculator Mortgage

Mortgage

Mortgage Protection Insurance that covers you the borrower. So that your inheritors can live without a mortgage.

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