Medford (609) 654-1426   |   Cherry Hill (856) 216-0088
Contact Us

How Much Life Insurance Should You Have?

Use this simple calculator to estimate a life insurance amount based on income replacement, debt payoff, final expenses, and future family needs. No identifying information is collected on this page.

Start Calculator Get Your Personalized Quote

This estimate is for educational purposes only and should be reviewed with a licensed professional.

This page does not collect personal information. If you would like to discuss your estimate, use one of the contact options after calculating your result.

Life Insurance Needs Calculator

Enter the amounts that matter for your household. You can adjust any defaults that do not fit your situation.

Insured information
Immediate obligations
? In 2026, final expense coverage in New Jersey should generally range from $10,000 to $20,000 to comfortably cover funeral and burial costs, which often average between $9,000 and $12,000 or more, while also leaving room for inflation over time.
? The total amount that you still owe on all owned properties, or the total payoff amount if available. Leave this number at $0 if you do not own property.
? Examples may include credit cards, personal loans, auto loans, home equity loans, medical debt, business debt, student loans still expected to be repaid, or any other balance you would want paid off for surviving family members.
? List a desired amount here if there is an immediate quantity that you wish to make available to surviving beneficiaries to handle day-to-day expenses.
Ongoing family needs
? List the current annual income of the person to be insured.
? A common planning range is about 4 to 7 years of annual income replacement, though some families choose more depending on age, debt, and children at home.
? If a stay-at-home parent were lost, or if a surviving parent would need to return to work or increase work hours, there can be added expenses for childcare, daycare, transportation, tutoring, housekeeping, meal support, and other household help.
? Cost projections per child below. Multiply by the number of children you want to fund.
College TypeAverage Annual CostTotal 4-Year Cost
Public (In-State)~$30,990$123,960
Public (Out-of-State)~$50,920$203,680
Private (Nonprofit)~$65,470$261,880
Source: Estimates based on Credible and College Board data for 2025-2026. View source.
Existing resources
? Examples may include savings accounts, brokerage accounts, CDs, 401(k)s, IRAs, Roth IRAs, annuities, or other liquid or near-liquid funds that would realistically be available to help surviving beneficiaries.
? Enter the combined death benefit amounts of all existing personal life insurance policies. Many people choose not to rely heavily on employer-provided coverage because it often ends if employment is severed.

Quick and easy estimate

Get a personalized life insurance coverage need estimate in under a minute using our simple inputs.

Save or revisit your results anytime

Download or print your coverage need estimate for reference, or come back and adjust your numbers whenever your situation changes.

Turn your estimate into a real plan

Email your result to Mike to review your options, or complete our form to receive a personalized quote.