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How to Use the Life Insurance Needs Calculator
1 — Enter Your Income and Expenses
Add your annual income, household expenses, and any major future financial needs such as college funding or mortgage payoff.
2 — Add Existing Coverage and Assets
Include current life insurance, savings, investments, and other resources that would help support your family.
3 — Choose Your Planning Horizon
Select how many years of income replacement you want to provide. Longer horizons increase the recommended coverage amount.
4 — Review the Income Replacement Analysis
The calculator estimates how much income your family would need if you passed away today, adjusted for inflation and investment growth assumptions.
5 — Evaluate Lump‑Sum Needs
Mortgage payoff, debt elimination, education funding, and final expenses are added to determine total capital needs.
6 — Compare Needs vs. Resources
The tool subtracts existing assets and insurance from total needs to calculate the recommended coverage amount.
7 — Use Advanced Options (If Enabled)
Advanced Mode lets you adjust inflation, investment return assumptions, survivor income needs, and multi‑phase planning (e.g., higher expenses while children are young).
8 — Export Your Results
You can export your full analysis as a CSV file for recordkeeping or planning discussions.