Oakstreet Financial
Invest on Purpose
Insurance Planning
Life Insurance Needs Calculator
Planning to meet the financial needs of your survivors is a foundational step in a sound financial plan. This calculator estimates the amount of life insurance coverage you may need so that your family's needs continue to be met after your death.
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Your Information
2
Income & Assumptions
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$
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3
Immediate Cash Needs
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~$15,000 covers a typical funeral (~$8,300) plus out-of-pocket medical, legal, and probate expenses (2026 national averages)
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If your desired annual income already covers your mortgage payment, leave at $0 to avoid double-counting
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Credit cards, car loans, student loans, business debt (do not include mortgage)
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Long-Term Income Needs
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Typically 70-80% of current combined income (in today's dollars)
Common rules of thumb: until youngest child is independent, or until spouse reaches retirement age
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Enter in today's dollars (the calculator does not project future tuition inflation)
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Available Resources
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Retirement accounts and brokerage; do not include primary residence equity
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Total death benefit across all current policies
Your Estimate
Life Insurance Need Analysis
Estimated Additional Coverage Needed
$0
Total Need
End-of-life expenses
$0
Mortgage payoff
$0
Other debts
$0
College needs
$0
Income replacement (PV)
$0
Total need
$0
Available Resources
Investment assets
$0
Existing life insurance
$0
Spouse income (PV)
$0
Total available
$0
How was this calculated?
- We total your family's financial needs — end-of-life expenses, mortgage, other debts, college, plus the annual income they'd need each year.
- Annual income is converted into a present-value lump sum using a real rate of return (your investment return offset by inflation), so future dollars are comparable to today's.
- We subtract resources already in place — investment assets, existing life insurance, and the present value of your spouse's continuing income until their retirement age.
- The remaining gap is the estimated additional life insurance coverage your family may need.
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