The Consumer Federation of America (CFA, 1997) recommends 6 to 8 times your income for a married couple with children. While rules of thumb may be helpful, they do not take each individual's situation into consideration. This calculator provides a quick and simple method to estimate the amount of life insurance you will need.

Income Needs
Annual income your family would need if you die today Enter a number that's typically 60% - 70% of total income. Include all salaries, dividends, interest, and any other sources of income.	$
Annual income available to your family from other sources Enter a number that includes dividends, interest, spouse's earnings (Social Security may be available).	$
Years income will need to be replaced1	10 15 20 25 30 35 40
Expenses
Burial expenses The average cost of an adult funeral is about $10,000	$
Mortgage and other debts Include mortgage balance, credit card debt, car loans, home equity loans, etc.	$
College costs2 2002-2003 cost of a four-year education: public college-$51,346; private college-$109,412.
Number of children: ---- 1 2 3 4 5
Assets
Savings and investments Bank accounts, CD's, stocks, bonds, mutual funds, real estate/rental property, etc.	$
Retirement savings IRA's, 401(k) plans, Keoghs, pension and profit sharing plans	$
Present amount of life insurance Include group insurance and personal insurance purchased on your own	$
1Important note: Inflation is assumed to be 4%. The rate of return on investments is assumed to be 8%. 2Source: The College Board, Trends in College Pricing 2002.