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.

Insurance needed

Assets to cover expenses
Cash and savings$
Home equity$

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)$

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$

Your Sex

Total amount necessary today to fund expenses$370,784
Assets you own today which you may convert to cash$46,500
Amount of expenses your family will be able to cover$260,507

Shortfall (insurance you'll need)$63,777

Graph Image for 'Meeting your family's needs'
This chart depicts the sources of income your family will use to cover their expenses after your death.

Graph Image for 'Your family's expenses'

Graph Image for 'Time period your insurance will cover'
This chart depicts the amount of insurance you'll need to carry in order to cover all of your family's expenses for a given time period. You may notice some abrupt changes where expenses such as college begin or where your family's income changes.

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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