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Life Insurance Calculator

The Life Insurance calculator helps you determine whether you have sufficient life insurance to cover your needs, should you die. The difference between your expenses and your available income is what your life insurance should cover.*

  • Enter numbers by clicking in the box and type your number (no commas). The results of your calculations show in the box near the middle of the calculator.


Final Expenses
These are the one-time expense that you’ll likely have upon your death. The biggest portion is most likely funeral expenses. The national average for funeral expenses is upwards of $10,000.
This is the outstanding principle balance of any mortgages that you currently hold. You will want enough insurance to pay off your mortgages so you do not burden surviving family members with this expense.
Other Debts
This is the outstanding principle balance of any other loans and debts you hold. This should include any credit card balances, car loans and the like.
College Savings
Enter the amount of money you expect to have to pay for college for your children.
Living Expenses
Enter the annual amount your family needs for day-to-day living expenses. Exclude mortgages, other debts and college savings.
Spouse Income
Enter the annual income your surviving spouse expects to earn on an on-going basis. If you expect that a working spouse may need to stop working upon your death, for example to care for children, enter zero here.
Other Income
Enter annual income available to your family from investments or from other income-generating assets
Existing Insurance
If you currently have life insurance, enter the value of your insurance at the time of your death.
Years of Need
Enter the number of years for which life insurance must provide coverage. If your children will be grown and self-sufficient within five years, you may need insurance payments to cover only five years.
Based on the information you’ve provided this displays the additional insurance you may need to cover your anticipated expenses.
This pie chart shows uncovered and covered amounts. Place your cursor over the pie chart to get a readout of results.

*Calculators provided are estimation tools and do not necessarily reflect products, terms or rates that Home Federal Bank may offer. Please contact your Home Federal banker to verify results.

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