---
title: Life Insurance Calculator: How Much Do I Need? | Coverfolk
url: https://coverfolk.com/calculator
updated: 2026-10-08
---

# Life insurance calculator

How much life insurance do you need? Four numbers. The answer updates as you type.

You may need about

$750,000

Pay for 10 years**$550,000**

Mortgage and debts**$190,000**

Funeral (national median)**$8,300**

Minus what you have**-$10,000**

Rounded up to the nearest $25,000. This is a starting point, not advice. An agent can help you fine tune it.

## How this calculator works

It adds up what your family would need if your pay stopped: your pay for the years you pick, your mortgage, other debts, school money for each child, and final costs. Then it takes away coverage you already have and savings you could use.

This is close to the method many planners use. If you want the long version, read [how much life insurance do I need](/answers/how-much-life-insurance-do-i-need).

## Sources

1. [2023 NFDA General Price List Study Shows Inflation Increasing Faster than the Cost of a Funeral (NFDA)](https://content.nfda.org/news/media-center/nfda-news-releases/id/8134/2023-nfda-general-price-list-study-shows-inflation-increasing-faster-than-the-cost-of-a-funeral)
2. [How much life insurance do I need (Coverfolk)](https://coverfolk.com/answers/how-much-life-insurance-do-i-need)

## Questions about this calculator

How is this number figured?

It adds your pay for the years you pick, your mortgage and debts, and a typical funeral cost, then takes away savings and coverage you have.

Should I count my work life insurance?

You can, but remember it usually ends when you leave the job.

Is this a quote?

No. It is a starting number. A licensed agent can show you real prices for that amount.