Updated: February 8, 2018
Life insurance is an essential product that provides financial protection for your loved ones.
And one of the most common question that people have when it comes to life insurance, especially parents, “Is how much life insurance coverage do you actually need?”
To answer this question, I now give you a simple life insurance calculator, which you can try below. This calculator is based on the life insurance formula that I wrote here.
Life Insurance Coverage Calculator
If the calculator isn’t loading properly, then you can try this link instead.
Please note that this calculator is not meant to replace the computation that your insurance agent or financial adviser may offer you.
And there are other methods to compute for your coverage, which may use different formulas and variables.
My purpose in presenting this calculator is to show you a logical way to compute for your coverage — it’s never just a random amount that you or anyone can simply get out of thin air.
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Photo credit: pitel
Thank you, Fitz!!!
Thanks for sharing!!!!
Used it and the figures I got is worth thinking about. 🙂
[…] Evaluate your financial status once a year. If you require more coverage, then that’s the only time you should get an additional policy. To know how much coverage you need, you can use this life insurance calculator. […]
Hi Fritz – If you’re married couple, the computation is individual coverage? Was the calculator adjusted based on the TRAIN law? Thank you!!!
sir Fitz, i tried this life insurance calculator and the result was -6M.. ibig sabihin, sayang lang yung VUL ko (malapit ng matapos 500k)? ibig sabihin, dko kailangan ng life insurance? i-started it 3 yrs ago…