Insurance Basics

How much life insurance is enough?

How much life insurance you need depends on your financial situation and your specific circumstances at this point in your life.

Our insurance needs calculator takes into account your marital status, age, and life stage to help you estimate how much insurance you may need to meet your financial goals – whether that’s covering the cost of college, paying off debts, funding charitable organizations or keeping your family in their home.

Everyone’s situation is unique and only you can determine the exact amount of life insurance you need.

Single and in your 20s

You may need life insurance to pay off student loans, car payments, credit cards and other debts. Hard as it is to imagine, if you die, your family also needs cash on hand to cover your final expenses.

Married with young children

You most likely have modest savings and big responsibilities — a mortgage, child care and other monthly bills. If you die prematurely, life insurance will help your spouse maintain your home and provide for your children’s support, now as well as in the future.

Single parent and sole breadwinner

Life insurance will help cover your children’s day care costs and other living expenses and fulfill plans for their future education if you are no longer there to provide for them.

Married homeowner with no children

Life insurance can provide the money to meet financial goals and help your spouse hold onto the assets and the lifestyle you’ve both worked hard to achieve.

Married with college-age children and/or elderly parents

A premature death could deplete your retirement savings or other assets. Life insurance can help replace lost income to cover the cost of current living expenses, college tuition and/or your parents’ care.

Married with grown children

You may want to consider life insurance as an opportunity for supporting your favorite charities, building a legacy for your children and grandchildren or covering estate taxes.


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Life events that motivated shoppers to shop for life insurance.

Source: Life insurance and Research Association (LIMRA), 2013.