How Much Life Insurance Do You Need?

Answer a few questions to estimate how much life insurance may be needed to help protect the people who depend on you.

Question 1 of 7 14%

How much annual income should your family have if you were no longer here?

Consider the amount your household would need each year for everyday living expenses. Do not include debts, childcare, college or emergency savings here because we will account for those separately.

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Enter the annual amount your household would need to replace.
Please enter an annual income amount.

How many years should that income continue?

Think about how long your family may depend on your income. For families with children, this may extend through high school, college or beyond.

Income replacement is calculated as the present value of future income using the assumptions shown in the results section.
Please enter between 1 and 50 years.

How much debt would you like paid off?

Include debts you would not want your family to carry, such as a mortgage, car loans, credit cards, private student loans or other balances.

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Enter 0 if there is no debt you want included.
Please enter a valid debt amount.

How much would you like to provide for childcare?

Consider childcare, after school care, summer care or other services that might be needed if you were no longer available to provide care.

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Enter the total amount you would want reserved for future childcare, or 0 if none is needed.
Please enter a valid childcare amount.

Would you like to provide college funding for any children?

Add each child you would like to include. The calculator will estimate a four year college budget based on the child's current age and the type of school selected.

College estimates use national 2025–26 average student budgets and are projected forward using the education inflation assumption listed in the results.
Please enter a valid age for each child.

How much would you like set aside for an emergency fund?

An emergency reserve can help your family handle unexpected expenses and maintain financial flexibility.

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A common starting point is three to six months of household expenses.
Please enter a valid emergency fund amount.

How much personal life insurance do you already have?

Enter life insurance you personally own. You may choose not to count employer provided coverage because that coverage can end when employment changes.

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Enter 0 if you do not currently own an individual life insurance policy.
Please enter a valid existing coverage amount.

Your Estimated Life Insurance Need

Based on the information you entered, this is an estimate of the amount of life insurance that may be needed to address the financial priorities you selected.

Estimated Additional Coverage Need

$0

This is an estimate, not a quote or recommendation to purchase a specific policy.

Get Your Complete Coverage Breakdown

Enter your contact information to see how your estimate is divided among income replacement, debt, college funding and the other needs you selected.

Thank you. Your complete life insurance needs breakdown is shown below.
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Submit the form above to unlock your detailed calculation.

Income replacement Present value of the annual income and number of years you selected.
$0
Debt to pay off
$0
Childcare
$0
College funding Estimated four year costs for the children you added.
$0
Emergency fund
$0
Final expenses Default planning allowance. This assumption can be changed in the code.
$0
Existing personal life insurance
($0)

Questions About Your Estimate?

A Coto Insurance professional can help you review the calculation and answer questions about your life insurance needs.

How this estimate is calculated
  • Income replacement assumes a 4% annual investment return and 2% annual inflation.
  • College estimates use 2025–26 national average full student budgets: public four year in state $30,990, public four year out of state $50,920, and private nonprofit four year $65,470.
  • College costs are projected forward at a 4% annual education inflation rate and assume four years of attendance beginning at age 18.
  • Final expenses use a configurable default planning allowance of $15,000.
  • Existing personally owned life insurance is subtracted from the calculated need.
  • The total will never display below $0.

This calculator is provided for educational and planning purposes only. Results are estimates based on the information entered and the assumptions shown above. The calculation does not account for every financial circumstance and is not financial, tax or legal advice. Actual life insurance needs may be higher or lower. A licensed insurance professional can help you review your individual situation.