Life Insurance Calculator
Move the three sliders to see roughly how much term life insurance your family would need, and what it might cost each month. Everything is estimated in your browser — no email, no sales call.
Estimated cover you need
$880,000
Estimated monthly premium
$32–$45 / mo
A rough estimate for a healthy applicant on 20-year level term. How we calculate this
One parent not earning a paycheck? A stay-at-home parent still needs cover — replacing childcare and household work is a real cost. Our new-parent life insurance guide walks through that case.
Estimate only — not a quote or financial advice. Actual premiums depend on age, health, term length, and the insurer.
How we calculate this
The recommended cover is a transparent sum of three needs, the same way an honest planner would sketch it on paper:
- Income replacement — 10 times your annual income, a common shorthand for supporting your family through the years they would need to adjust.
- Education fund — $130,000 per child, an approximate target for a four-year public in-state degree (the figure most 529 plans aim at).
- Debts— the mortgage, loans, and balances you would want cleared so they never land on your family.
We add those together and round to the nearest $10,000. The monthly premium range applies indicative rates of 0.036–0.051 per $1,000 of cover, typical of 20-year level term for a healthy applicant. When the recommended cover climbs past about 30 times your income, we flag that an insurer may not approve it without additional financial underwriting. These figures are US-based and were last reviewed in July 2026.
How to use the result
Treat the number as a well-informed starting point, not a verdict. Use it to request quotes for a matching amount of level terminsurance — term is far cheaper than whole life and covers the years your children are dependent, which is what most families actually need. Get quotes from two or three insurers or a broker, since pricing for the same cover varies widely. If money is tight, it is better to buy the right amount of term than a smaller whole-life policy. And revisit the figure whenever your income, family size, or debts change — a second child or a new mortgage both move it.
Frequently asked questions
A common rule is ten times your income, plus enough to clear your debts and fund your children's education. This calculator adds those together: 10× your income, $130,000 per child as an education fund, and your outstanding debts. The result is a starting figure to compare against quotes — round numbers, not a precise underwriting decision.
Ten times income is a widely used shorthand for replacing a breadwinner's earnings long enough for a family to adjust — roughly a decade of support, or a smaller sum invested to generate income. It is deliberately simple. If you want to be precise, a needs-based analysis (future expenses minus existing assets) can refine it up or down.
No. The premium range is an illustration for a healthy applicant buying 20-year level term, based on indicative rates per $1,000 of cover. Your actual price depends on your age, health, tobacco use, term length, and the insurer. Always get real quotes before deciding.
Usually yes. A stay-at-home parent provides childcare, transport, and household work that would cost real money to replace. Many families insure both parents, even if only one earns a paycheck. Our new-parent life insurance guide covers how to size that policy.
No. The calculator runs entirely in your browser and stores nothing. The figures are only reflected in the page's web address so you can bookmark or share your result — clear the link and they are gone.
Educational estimate only — not financial advice, an insurance quote, or an offer of coverage. HarborPlain explains the math; the decision, and any professional advice you seek, is yours.