Resource · Life Transitions
Life Insurance Calculator
A step-by-step worksheet for sizing how much life insurance your family actually needs.
How much life insurance does your family need? This worksheet, courtesy of Vanilla, walks you through a step-by-step estimate based on your expenses, future obligations, savings, and debts.
How the worksheet works
Current expenses
Add up your monthly household expenses.
Future obligations
Estimate costs such as education and future medical bills.
Future income needs
Turn your annual expenses into a long-term income need using the worksheet’s formula.
Existing assets
Subtract the savings and investments your family could draw on.
Debts
Add any debts you’d want paid off.
Run your numbers
Download the worksheet and fill in the boxes. Your result is an estimate, so review it with us and revisit it as your situation changes.
This content is for informational purposes only and is not individualized advice.