How much life insurance do I need?
Inputs Next Steps

Insurance needed
years


Assets to cover expenses
Cash and savings
$
Home equity
$
Investments
$
Other
$

Expenses at death
Estate or inheritance taxes (on above assets)
%
Probate costs
$
Funeral costs
$
Uninsured medical costs
$
Debt repayment
$
College fund, child 1
$
College fund, child 2
$
College fund, child 3
$

Your family's future monthly income
Amount (monthly)Years until startDuration (years)
Spouse's income from work
$
Social Security survivor benefits
$
Social Security survivor benefits (children gone)
$
Other
$

Your family's future monthly expenses (in today's dollars)
Amount (monthly)Years until startDuration (years)
Child care expenses
$
Living expenses (children at home)
$
Living expenses (children gone)
$
Children's college expenses
$
Retraining or education for spouse
$
Other
$

Your Sex

This tool estimates how much life insurance coverage your family may need to cover future expenses in the event of your untimely death.


A life insurance policy is used to supplement income that your family may earn from:
  • Nonrecurring events, such as the sale of assets to pay outstanding debts or expenses.
  • Income from Social Security, pensions, investments, or salaries.
Key assumptions of this tool include:
  • The results shown are after inflation and taxes
  • Available assets (including home equity, savings, and other investments) are treated as a source of income. It is assumed that they are sold at the time of unexpected death and therefore become available as a cash resource.
Probate: A legal procedure settled by a state court of law that identifies the heirs to your estate and determines their legally entitled share.
College savings plan: A special tax-advantaged plan, operated by a state government or an educational institution, used to save for the college education of a child, grandchild, or other dependent.
Estate taxes: Taxes that are levied on the assets of an estate. For 2019, the maximum amount of income that is excluded from estate taxes is $11.40 million. The maximum estate and gift tax rate in 2019 is 40%.
Inflation rate: The yearly percentage increase in prices. The annual inflation rate in the U.S. has averaged about 2-3% in the last 10 years.
Tax rates: The percentage of your taxable income that is owed to the state and federal governments. The tax rate increases as the taxable base amount increases.
Savings interest rate: The yearly interest rate you earn on your savings.
Survivors insurance: Social Security survivors insurance pays an additional benefit, called a survivors benefit, to the surviving spouse or dependent of a deceased person who was eligible to receive or was receiving Social Security retirement benefits.
Leadfusion CALCULATORS: Life Insurance Email Results

The Northwestern Mutual Life Insurance Company, 720 E. Wisconsin Avenue, Milwaukee, Wisconsin, 53202-4797.

The calculators are provided by a third party service provider, Leadfusion, Inc. The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed by Northwestern Mutual. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Northwestern Mutual, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

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