Life Insurance Calculator

Calculate Your Life Insurance Needs

How many years is your family relying on your annual income?
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How to Use Our Life Insurance Calculator

Our calculator provides you with an estimated life insurance coverage amount to help replace your income and provide financial security for your family in the event of your death. The advanced calculator questions help give a more precise estimate.

You may want to request a life insurance quote for a more detailed follow-up with one of our Financial Representatives. A thorough life insurance needs analysis can assess both immediate and long-term funding needs for your family in the event of your death.

A life insurance policy death benefit provides income replacement to help cover your family’s financial needs in your absence.

How Much Life Insurance Do You Need?

Figuring out how much life insurance is the right amount for you depends on a number of factors. As you consider your coverage, you may want to think about:

  • How many dependents you have (children, aging parents or other dependent relatives).
  • Total amount of your personal debt (including mortgages, car loans and credit card debt).
  • How much money your family would need for support after you’re gone.
  • Duration of years of financial support your loved ones would require.
  • Where you are in life (e.g., just married, having your third child or becoming an empty nester).
  • Future financial needs and goals (e.g., funding your children’s college tuition or leaving a financial legacy to your favorite charity).

Who Needs Life Insurance?

Life insurance can be an important financial consideration no matter where you are in life — whether you are:

Major life milestones — like getting married, becoming a parent, buying your first home and retiring — can be good times to evaluate your need for life insurance.

In addition, you can use life insurance to help transfer wealth to the next generation or make charitable contributions to your favorite organization.

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We have financial professionals ready to assist you on your life insurance journey.

What Does Life Insurance Cover?

With life insurance, the cash payout that your beneficiary receives when you die can be used for a broad range of purposes. Depending on their specific financial needs, your loved ones may decide to use this death benefit to:

  • Replace lost income for your family.
  • Pay for final expenses, including funeral and burial costs.
  • Cover outstanding medical bills.
  • Make monthly mortgage payments on your home.
  • Fund continuing education or college tuition for your children.
  • Pay credit card bills.
  • Buy groceries, gas and other everyday living expenses.

Having life insurance can help provide economic security for your family during what can be both a very difficult emotional time and a financially challenging one.

MORE Factors That Could Affect the Cost of Life Insurance

What Are the Different Types of Life Insurance?

Life insurance policies basically comes in three different types: term, whole and universal, with each one having particular benefits and features. Here is a quick summary:

Term Life Insurance

  • Temporary coverage for a limited period
  • Death benefit with no cash value
  • Level premiums for the number of years selected (usually 10, 15, 20 or 30)
  • End of insurance coverage when term is over

Whole Life Insurance

  • Permanent (lifetime) coverage1
  • Potential for policy cash value accumulation
  • Fixed premiums that do not fluctuate over time
  • Ability to borrow against cash value2

Universal Life Insurance

  • Permanent (lifetime) coverage1
  • Potential for policy cash value accumulation
  • Flexibility to change premium payments3 and death benefit amount4 (after policy is in force)

Continue your exploration of the different types of life insurance to help determine which option may best meet your financial needs right now.

Live More & Worry Less

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We have financial professionals ready to assist you on your life insurance journey.
1 Life insurance policy guarantees are subject to the timely payment of premiums. 
2 Loans will accrue interest. Loans and withdrawals may generate an income tax liability, reduce the Account Value and the Death Benefit, and may cause the policy to lapse.
3 There must be enough cash value in the policy to cover monthly charges if a lower premium is paid than the amount selected at issue or if a premium payment is skipped. Additional premium payments may need to be made to keep the policy in force.
4 Increases in coverage are subject to underwriting based on health and other factors.

This information is intended to serve as a basis for your conversation with a financial representative. Calculations are based on the information you provided.

These calculators are designed to be informational and educational tools only, and do not constitute investment advice. You should consider the counsel of a financial services professional before making any type of investment or financial decision. We also encourage you to review your investment strategy periodically as your financial circumstances change. This module is hypothetical and is provided for illustration purposes only. It is not indicative of the performance of any specific investment product or strategy. The members of Western &  Southern Financial Group, Inc. (WSFG) are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools.  Furthermore, WSFG is not responsible for any human or mechanical errors or omissions. Securities contain risk and will fluctuate with changes in market conditions.

Securities offered by Registered Representatives through W&S Brokerage Services, Inc., member FINRA/SIPC. All companies are members of Western and Southern Financial Group.