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Life Insurance Calculator - How Much Life Insurance Do You Need?

Adjust your level of coverage to align with your needs, identify the right type of policy for you, and get immediate price quotes* with our quick & easy life insurance calculator.

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How Much is Life Insurance? Calculate Your Life Insurance Needs & Cost

American Family Life Insurance Company offers a variety of life insurance products to help financially protect the people you love, and you might be surprised at how affordable it can be. When it comes to life insurance, many people's first question is "how much life insurance?" The cost of life insurance is often overestimated, but we make it simple to get an idea of how much you might pay for coverage with our Life Insurance Calculator.

When you purchase life insurance, you’re not buying it for just yourself — it’s a proactive way to help financially protect the people you care most about if you were to pass away. So it’s important to understand what exactly goes into calculating how much coverage you need.

How to Calculate Your Life Insurance Needs

When calculating how much life insurance coverage you need, the outcome is unique to each person and family. Take a look at the key things to consider when determining your life insurance needs:

Key expenses

First add up key expenses you may have like your mortgage, childcare, education and other related expenses or debts.

Final expenses

Be sure to include things like funeral, cremation and memorial services.


How much of your annual income would your loved ones need to maintain current living standards? And how many years would they need to have that extra financial support?

Add up your personal assets

Calculate your bank accounts, investments, real estate, retirement accounts, CDs, existing life insurance and any other assets you own that may be liquidated at the time of death to help cover expenses.

Now that you know the general guidelines for calculating your life insurance needs, start the life calculator to discover how much coverage you need and compare price quotes* for our different levels of coverage.

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