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The Life Insurance Blog

Helping millions of Americans become educated
in making decisions about their life insurance needs


How Much Life Insurance do you Really Need? Try the IntelliQuote Term Life Insurance Calculator

Aug 5, 2013 9:34:00 AM

Term Life Insurance Calculator IntelliQuote bThere’s no doubt that you need life insurance, but how much do you really need? At IntelliQuote it’s our goal to help consumers determine just how much term life insurance they need; not too little and not too much. In order to do this, we’ve developed the IntelliQuote Life Insurance Calculator. In a matter of minutes our calculator can help you arrive at an accurate figure.

Our goal in calculating your term life insurance needs is simple to determine: how much will your family need at the time of your death and how much future income is needed to provide continued support? Calculating this is a relatively simple task but accuracy is key. In order to arrive at a truly accurate number we encourage you to consider each variable carefully. Take a few minutes to determine what you believe to be true for each.

Calculating Your Term Life Insurance Needs

Age, Income and Assumptions

The first portion of our term life insurance calculator is devoted to age, income and assumptions. Under this section you will be asked to provide your current income, spouse’s current income, spouse’s age and desired retirement age.

Immediate Cash Needs

The second section of our term life insurance calculator focuses on the cash needs your family will face at the time of your death. Here you will be asked to estimate your final expenses, provide your current mortgage balance and any other outstanding debts.

Long-Term Income Needs

The long-term needs portion of the calculator focuses on your life long financial goals and responsibilities. In this section you will be asked to provide your family’s annual income needs, which is typically 70% - 80% of your total annual income (you and spouse), the number of years this income is needed and any college tuition needs.

Available Resources

The available resources section is important as it helps you to avoid purchasing more coverage than you in need. In this final portion of our term life insurance calculator you will be asked to provide a total of your investment assets as well as any existing life insurance benefits you may have.

Once you’ve carefully provided each of these figures, you’re ready to submit your calculation. This is your first step in gaining a grasp on your family’s life insurance needs. Once complete, we encourage you to fill out our quote request form and receive an instantaneous quote comparison. Have questions? Our team of licensed life insurance advisors are here to walk you through your options and answer all of your questions.

Interested in more tips and guidance designed to help you secure the right term life insurance policy for your family’s needs? Subscribe to our blog; here we will be providing information designed to help you make the right choice when it comes to your term life insurance protection. While you’re here, we also encourage you to read these related blog posts:

Life Insurance for the Everyday Super Hero

Spring Cleaning: The Perfect Time to Review Your Life Insurance Coverage

Do you currently carry any term life insurance protection? 

 Term Life Insurance Calculator: How Much Do I Need?