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How Much Life Insurance Do I Need?

How do I know if I have enough life insurance to guarantee my family’s financial security after I am gone?

Our Life Insurance Calculator can help you determine your life insurance needs based on your:

  • current living expenses (ex. mortgage/rental payments, food, transportation)
  • one-time expenses (ex. final expenses, college tuition for your dependents)
  • current assets (ex. retirement and other savings)
  • expected benefits (ex. current life insurance benefit)
  • Number of years you will need life insurance coverage
Living Expenses
  • If you would like to pay off your mortgage in full with your life insurance policy, enter $0 here and list the principal balance of your mortgage in Step 2 - “One-Time Expenses.”
  • If you live in church-owned housing, enter the estimated fair rental value.
  • Cost of daycare, nanny, or after-school care/activities.
  • Food, clothing, utilities, repairs, entertainment, etc. Approximately $1781/month derived from $21,371/year for the average U.S household.
    Source: bls.gov, 2017
  • Auto, home, medical/hospital, long term care insurance premiums and out-of-pocket expenses (such as medical copays).
  • School tuition(s), mortgages on other properties, gifts and contributions.
One-Time Expenses
  • Funeral costs, estate costs and taxes. U.S. average is approximately $7,181 for funeral costs. (Does not include cemetery monument/marker costs or misc. Cash advance charges such as for flowers or obituaries)
    Source: National Funeral Directors Association, 2014
  • Full balances of credit cards, car payments, home equity loans and student loans.
  • If you wish to pay off in full, enter the mortgage balance. Enter $0 if you completed the Monthly Mortgage section in Step 1 - “Living Expenses.”
  • Average annual costs per child for 2017 - 2018 (including room/board, books and personal expenses) is $50,900 for a four-year private institution, $25,290 for a four-year public in state institution, and $17,580 for a two-year public institution.
    Source: collegeboard.com, 2017
  • Amount you would like to leave for your loved ones, special people, the Church, or other charitable organizations.
  • Elder care for parents (average cost of nursing home care is more than $90,000 per person 1), child's wedding (average wedding cost is $25,764 2), mortgage payment of vacation home, etc.
    1 genworth.com, 2016
    2 theweddingreport.com, 2016
  • 403(b), RSVP, 401(k), IRA or other retirement accounts for both you and your spouse. Only include the portion you plan to use for living expenses for the years of coverage you are evaluating.
  • Church Pension Fund, diocese, other.
  • Face value/benefit amount.
  • Include ONLY if you plan to sell or borrow against your home for cash.
  • Second/vacation home, collectibles.
Expected Benefits
  • Use your Social Security Statement or use this quick link to Social Security's website to calculate your benefits. Insert Survivor Benefit amount if you have children under 16.
  • Please refer to your CPF Personal Information Summary.
  • (Annual payments must be configured monthly) Alimony, child support, rental property, inheritance.
How much life insurance do I need?
  Total assets necessary today to fund all expenses $0
Current assets available at death $0
Shortfall: Insurance needed for loved ones $0
Surplus (no additional life insurance needed)
Living Expensesedit
Monthly Mortgage Payment
Monthly Rent
Monthly Child Care
Monthly Household Living Expenses
Monthly Insurance Cost
Other Monthly Expenses
Total: Monthly Expenses
Total: Annual Living Expenses
Total: Annual Living Expenses over coverage years ( × Annual Expense)
One-Time Expensesedit
Final Expenses
Total Debt Repayment
Mortgage Payment
Total College Fund
Inheritance / Charitable Giving
Other Expenses
Total: One-Time Expenses
Total: Expenses for coverage years
Cash, Savings, Stocks, Bonds, Mutual Funds
Retirement Funds
Your Employer Group Life Insurance
Your Individually Purchased Life Insurance
Equity in your Home
Other Assets
Total: Current Assets
Expected Benefitsedit
Your Spouse's Monthly Security Benefit
Your Spouse's Monthly Pension Benefits form Clergy Pension Plan (monthly)
Your Children's Monthly Benefit from the Clergy Pension Plan
Your Spouse's Monthly After-Tax Income
Other Monthly Income
Total: Monthly Expected Benefits
Total: Annual Expected Benefits
Total: Expected Benefits for coverage years ( × Annual Expected Benefits)
Total assets necessary today to fund all expenses
Total Assets/Benefits for coverage years

We also have a helpful Life Insurance Worksheet if you prefer to work with pen and paper. Should you wish to discuss your life insurance needs with one of our financial education specialists, please contact us to request a complimentary discussion.

Life Insurance Calculator Disclaimer

This calculator is intended to help you approximate life insurance coverage based upon your current situation. It is not a recommendation for specific coverage amounts. The actual amount of life insurance coverage needed to meet the financial needs of your estate or your family could be significantly different. Church Life Insurance Corporation does not guarantee that the figures generated by this calculator will meet the financial needs of your estate or family. The future value of money, changes in the inflation rate, and the cost of living will have a direct impact on your coverage needs, as will changes in your family situation. You are responsible for determining and selecting the appropriate amount of coverage. Higher coverage amounts may be selected and will likely result in higher premiums. Church Life Insurance Corporation suggests that you review your coverage periodically to determine whether your coverage levels meet your family's changing needs.


Life insurance and annuities are offered by or through Church Life Insurance Corporation, 19 East 34th Street, New York, NY 10016.

Life Insurance Disclaimer