How much life insurance
do I need?

Many people follow the "10x rule" — take your annual salary, multiply by ten, and buy that amount of coverage. But this can leave you over- or under-insured depending on your family, finances, and goals.

Enter your own numbers below. The worksheet updates automatically as you type.

Step 1

Determine your financial obligations

Obligation	Amount
1	Total income your family would need if you died today Annual salary × the number of years you want to replace your income. This is what your family needs, before taxes, to maintain their standard of living — e.g. 75% of current income.
2	Outstanding mortgage balance Remaining balance owed on your primary mortgage.
3	Car payment debt Remaining balance owed on auto loans or leases.
4	Credit card debt Total outstanding balance across all credit cards.
5	Other debt Any other outstanding loans or debt not listed above — e.g. student loans, personal loans, medical debt.
6	Funeral and other final expenses Can include medical bills, attorney fees, probate costs, etc.
7	College costs for children, if applicable Consider the cost of a four-year institution, public or private, for all children.
8	Total amount needed to cover your obligations Sum of lines 1–7.	$0

Step 2

Estimate money your family will receive from other sources

Source of money	Amount
9	Total savings and investments Estimate total funds in your bank accounts, retirement accounts, and investments.
10	Current amount of life insurance, if applicable Include the death benefit of any employer-provided policy.
11	Existing college funds Enter the amount already saved for your children's education.
12	Total annual income from other sources Multiplied by the same number of years used in line 1. Consider dividends, a spouse's earnings, Social Security, etc.
13	Total amount of other income and earnings Sum of lines 9–12.	$0

Step 3

Calculate the additional life insurance needed

	Amount
14	Total financial obligations (from line 8)	$0
15	Total other income and earnings (from line 13)	$0

Additional life insurance needed

Line 14 minus line 15 — the gap your current resources don't cover.

You might need more coverage if…

You're caring for elderly parents, or expect to be.
You want to leave a legacy gift to a cause you care about.
You have young children with many years of expenses ahead.

You might need less coverage if…

You already have a substantial existing policy.
You're single with no dependents.
Your savings and other income already cover your obligations.

This worksheet is provided for educational purposes only. The results are not intended to represent a comprehensive portrayal of your financial profile or a specific recommendation. It is not an endorsement of any particular product or service, and does not constitute financial, investment, insurance, legal, accounting, or tax advice. Review your personal financial needs and objectives with a qualified financial professional on a regular basis.