Financial Needs Calculator
How much life insurance does your family actually need? Enter a few numbers and see your estimated coverage gap — no email required.
Reviewed by Pankaj Bhatia, PFA, CHS · Last updated October 2026
How to use your result
If the gap is large and mostly about the mortgage and young children, term life insurance is usually the most affordable way to cover it. For lifelong needs — final expenses, estate taxes, a legacy — look at whole life. And because a serious illness is more likely than death during working years, consider critical illness insurance alongside it.
Calculator FAQs
How is the life insurance need calculated?
The calculator adds up income your family would need, debts including the mortgage, children's education and final expenses, then subtracts savings and any coverage you already have. The difference is your estimated coverage gap.
Is this an exact answer?
No — it's a starting point. A full needs analysis also looks at taxes, government benefits, your spouse's income and your goals. Pankaj can walk through it with you at no cost.