Life Insurance Needs Calculator
Know how much coverage you need
INSURANCE NEEDS CALCULATOR
Take the guesswork out of deciding how much insurance protection you need for your family. We’ve made it as easy as 1, 2, 3.
Use this simple 3-part tool to determine how much insurance you'll need.
Part 1: How much money will your family need to settle your estate?
Funeral & Final Expenses (average funeral cost is $6-10K):
Do you Rent or Own your home?
If you own, how much do you owe on your mortgage?
Do you have additional debt? (e.g.: credit card debt, auto loan, home improvement loan, college loans, etc.)
Number of children that will require college funding?
Step 2 – Income Needs
Total projected annual income needed:
Your current retirement savings:
Other current savings or investments:
Part 3: Will your family have additional income available?
What is your spouse or partner’s annual income?
Pensions or other sources of ongoing income:
YOUR CALCULATED LIFE INSURANCE COVERAGE NEEDS:
$0
Income Replacement Needed
$0
Less: Spouse Income
$0
Less: Other Income
$0
Net Income Gap
$0
How this is calculated:
This tool first estimates how much annual income your family would need to maintain their lifestyle if you were no longer here. That income need is projected over your remaining working years to determine the total income replacement required. From that amount, we subtract any income your spouse or partner would continue to earn, adjusted for their remaining working years, as well as any other ongoing income sources such as pensions or guaranteed benefits. These additional income sources reduce the overall income gap your life insurance would need to cover. The result is the net income shortfall, which is then combined with immediate expenses and reduced by existing savings and investments to calculate your estimated life insurance coverage need.
This tool first estimates how much annual income your family would need to maintain their lifestyle if you were no longer here. That income need is projected over your remaining working years to determine the total income replacement required. From that amount, we subtract any income your spouse or partner would continue to earn, adjusted for their remaining working years, as well as any other ongoing income sources such as pensions or guaranteed benefits. These additional income sources reduce the overall income gap your life insurance would need to cover. The result is the net income shortfall, which is then combined with immediate expenses and reduced by existing savings and investments to calculate your estimated life insurance coverage need.
LET A PRO HELP YOU FIND THE BEST SOLUTION
A licensed GCU agent’s knowledge, experience, and resources can help you make informed financial choices for your family. We’ve made it easy to find one near you.
GCU products are available in the following jurisdictions: AZ CT CA* CO DE DC FL GA ID IL IN IA KS KY MD MI MN MS MO NE NV NJ NC OH PA SC TN TX UT VA WI WV
*GCU life insurance is not currently available in CA