Calculator for Life Insurance Need
This calculator works to give the coverage that is desirable for you based on the multiplication of your recommended multiple based on your age and your current annual income.
| Age | Recommended Multiple | Maximum Multiple Available |
|---|---|---|
| 20-30 | 15x | 20x |
| 31-40 | 15x | 20x |
| 41-50 | 10x | 15x |
| 51-60 | 7x | 10x |
| 61-65 | 5x | 7x |
| 66 and above | 3x | 5x |
For example, if your age is 45, and your annual income is $50,000, the coverage you need would be (10 X 50,000 = $500,000).