Life insurance calculator

Add the income, debts and expenses you want to cover, then subtract available savings and existing life insurance.

On your device · No account

Privacy details

Life insurance calculator processes your input in this browser. Inputs and results are excluded from analytics. Recent tools save tool names, visit counts and last-visit times. Saved tools store only their names. Draft saving is optional and stays on this device; delete saved text with the draft controls. Loading text from a URL is optional and contacts that server; its URL and your IP address are visible to the server. An optional “Use in” action keeps a handoff in this tab. The next tool removes it on arrival and ignores it if more than a minute has passed.

Copy link includes the inputs you choose to share in the address. Anyone with that link can reopen them. Files and generated results are excluded. Password and key tools share settings only.

Annual income to replace

Years of support

More inputs and assumptions

Outstanding debts

One-time expenses

Available savings

Existing life cover

Answer

…

Unfunded need = max(0, annual replacement income × support years + debts + one-time expenses − available savings − existing cover).

More results

Precision and calculation record

Decimal places in numeric results and text downloads

Rounding changes displayed numbers, not the calculation. Text, fractions, matrices and CSV schedules keep their own formatting. Automatic keeps up to 12 significant digits, with money shown to cents where applicable.

Saved scenario

Save the current answer, then change an input to compare. This clears when you leave.

Formula and assumptions

This is an undiscounted needs worksheet, not an insurance quote or coverage recommendation. Income, support period, debts and expenses are yours to choose. It excludes inflation, investment returns, taxes, policy exclusions and eligibility.

Automatic precision shows money to two decimal places and other numbers to 12 significant digits. Thousands separators such as 1,000 are accepted; use a dot for decimals.

Scratch calculator

Check another calculation

Use +, −, ×, ÷, parentheses and %. A percentage is divided by 100. This does not change the main tool.

Reset reloads the tool with its starting values and releases open files and device controls. Saved drafts stay on this device until you delete them.

Links include your inputs and settings. Anyone with the link can see them, so leave out private text. Files and generated results are left out; random draws run again.

Keyboard shortcuts

Updated 2026-09-26

Using Life insurance calculator

Unfunded need = max(0, annual replacement income × support years + debts + one-time expenses − available savings − existing cover).

Next: Net worth calculator

A worked example

Example inputs: annual income to replace = 40000, years of support = 10, outstanding debts = 50000, one-time expenses = 10000, available savings = 60000, existing life cover = 100000. Unfunded capital need = 300000.

Before you use the result

Example results for annual income to replace

These examples use Years of support: 10; Outstanding debts: 50000; One-time expenses: 10000; Available savings: 60000; Existing life cover: 100000. They are reference calculations, not recommended settings.

Annual income to replace	Unfunded capital need
20000	100,000.00
40000	300,000.00
80000	700,000.00

Cite this page

Citation style

ToolOctopus. “Life insurance calculator.” Updated 2026-09-26. https://tooloctopus.com/life-insurance-calculator.

Add an access date if your instructions require one.

Citation formatting uses citeproc-js by Frank Bennett and Citation Style Language styles. Licence and source code.