Life Insurance Calculator
Calculate Your Life Insurance Needs
The Life Insurance Calculator is a great way to estimate today's Life Insurance needs. Be sure to reach out to an Armed Forces Mutual Membership Coordinator toll-free at 800-522-5221, or via email membership@aafmaa.com to help you move forward.
Part I. Lump Sum: Liabilities
Death expenses include burial, funeral and estate expenses. As a rule of thumb, the greater of $10,000 or 4% of your estate value should be provided for death expenses.
Enter the amount that would be required to pay off your mortgage(s) if you were to pass away today. Please consult your mortgage forms to determine if your loan can be paid in full without penalty.
According to the College Board, the 2022–2023 annual average costs were $27,940 for in-state public, $45,240 for out-of-state, and $57,570 for private colleges and universities. Expenses include tuition, room & board, books, fees, travel, and maintenance expense.
All personal debts such as car loans, credit cards, etc.
An emergency fund is intended to protect the family from unforeseen needs for money which could arise because of illness, surgery, home repairs, or many other reasons.
Part I. Lump Sum: Assets
Insurance should include all Life Insurance plans that are currently in force, including employer-provided insurance, individual insurance and any special purpose plans such as mortgage Life Insurance.
Contact pension plan documentation or plan administrator to determine the amount (if any) that would be paid as a lump sum.
This should include any assets that will be sold at the time of death to provide funds for the surviving beneficiary(s). This may include real estate, personal property, etc.
Part II. Income: Liabilities
Target (replacement) income should be the amount of annual income that is needed to support the annual expenses (e.g. rent, utilities, food, insurance premiums, clothing, taxes, etc.) of your dependent(s) after your death. Typically, a percentage of the present gross total family income is selected. While the percentage may vary, most financial planners find 70–80% to be a reasonable replacement objective for those earning over $60,000 and for all two-income families. The replacement objective can be somewhat reduced at lower income levels. Do not include payments assumed to be paid off with a lump sum at the time of death (e.g. the mortgage payment if the mortgage is paid off).
Enter the beneficiary’s current age to determine the projection period for income needs.
Part II. Income: Assets
All Life Insurance plans that are currently in force, including employer-provided insurance, individual insurance and any special purpose plans.
All Life Insurance plans that are currently in force, including employer-provided insurance, individual insurance and any special purpose plans
Contact pension plan documentation or the plan administrator to determine the amount (if any) that would be paid annually.
Beneficiary’s annual income and miscellaneous annual investment income (rental income, survivor annuities, etc.).
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Calculated on Wednesday, December 17, 2025
Lump Sum Analysis
Liabilities
$0.00
Death Expenses
$0.00
Outstanding Mortgage(s)
$0.00
College Fund
$0.00
Personal Debts
$0.00
Emergency Fund
$0.00
Total Lump Sum Expenses
$0.00
Assets
$0.00
Current Life Insurance
$0.00
Lump Sum Pension Amount
$0.00
Other Assets
$0.00
Total Lump Sum Assets
$0.00
Total Lump Sum Amount
$0.00
Income Analysis
Liabilities
$0.00
Annual Target Life Income for Beneficiary
$0.00
Beneficiary's Age Today
$0.00
Assets
$0.00
Annual SBP Income (if applicable)
$0.00
Annual Social Security Income (if applicable)
$0.00
Pension Annual Income
$0.00
Other Annual Income
$0.00
Total Annual Income Assets
$0.00
Total Annual Income Needed
$0.00
Total Insurance Needed
$0.00
This worksheet has been created to provide you with a tool for estimating your additional life insurance needs today, not as a replacement for a financial planner or insurance counselor. Please contact an Armed Forces Mutual counselor toll free at 1-800-336-4538 to receive additional information. (Outside the U.S. call collect 703-522-3060, or e-mail info@aafmaa.com to This worksheet has been created to provide you with a tool for estimating your additional life insurance needs today, not as a replacement for a financial planner or insurance counselor. To receive additional information, please contact an Armed Forces Mutual Membership Coordinator by calling 855-404-7285 or emailing info@aafmaa.com.)
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