ThriveXdna

Life Insurance Calculator - Calculate Your Coverage Needs

Get your complete financial snapshot in under 5 minutes

Life Insurance Needs Freedom Number Protection Gap

Household

Income

Debts

Protection

About Your Household

Let's start with some basic information about you and your family.

Your Age

Do you have a spouse or partner?

Yes No

Number of Dependents (children, elderly parents, etc.)

Ages of Children (for education planning)

Child 1:

Child 2:

Your Household Income

Understanding your income helps calculate how much protection your family needs.

Your Annual Salary/Income (before taxes)

Other Income (rental, investments, side business)

Total Household Income: $0 /year

Years of Income Replacement Needed

years

Consider how long your family would need support until your youngest child is self-sufficient. Typical range: 10-25 years.

Your Debts & Obligations

These are the financial obligations your family would need to cover.

Real Estate & Mortgages

Primary Residence - Mortgage Balance

Other Real Estate Loans (2nd home, investment property)

Installment Loans

Auto Loans (total balance)

Student Loans (total balance)

Other Loans (personal, HELOC, boat, RV)

Revolving Credit

Credit Card Balances (total)

Total Mortgage: $0

Total Other Debts: $0

Total Debts: $0

Future Needs & Current Protection

Let's factor in future expenses and what protection you already have.

Education Funding

Education Cost Per Child

Average 4-year college: $50k-$200k. Enter $0 if not planning to fund education.

Education Total: $200,000

Other Future Expenses

Final Expenses (funeral, medical, legal)

Average funeral costs vary by region. Add medical/legal buffer.

Emergency Fund for Family (3-6 months expenses)

Current Life Insurance

Your Life Insurance (total death benefit)

Liquid Assets

Savings & Checking Accounts

Investment Accounts (brokerage, stocks - NOT retirement)

Retirement Accounts (401k, IRA, Roth)

Note: We count only 50% of retirement funds due to early withdrawal penalties.

Life Insurance: $0

Liquid Assets: $0

Retirement (50%): $0

Total Existing Protection: $0

Your Financial Protection Snapshot

Coverage Need $0 Life Insurance Needed

Freedom Number $0 To Retire Freely

                    Protection Gap
                    $0
                    UNDERINSURED
                

You Have You Need

🔒

Unlock Your Complete Report

We've calculated your coverage needs. Enter your email to view your full report and download your personalized analysis.

Full Name

Email Address

Phone Number

State

Your Complete Financial Protection X-Ray

Prepared for:

Section 1: Life Insurance Needs (DIME Method)

Total Coverage Recommended $0

D DEBTS (non-mortgage) $0

I INCOME REPLACEMENT $0

M MORTGAGE $0

E EDUCATION & EXPENSES $0

Subtotal $0

Minus: Existing Protection

Total Offset -$0

Additional Coverage Needed $0

Section 2: Your Freedom Number

Your household income: $0/year

Estimated annual expenses (70% of income): $0/year

Your Freedom Number $0 (Annual expenses × 25, using the 4% rule)

This is the amount of invested assets needed to generate enough passive income to cover your lifestyle indefinitely without working.

Current Progress: 0%

$0 $0

Gap to Financial Freedom: $0

Section 2.5: Probabilistic Analysis (Monte Carlo Simulation)

✓ 10,000 scenarios analyzed

This analysis ran 10,000 different financial scenarios varying inflation rates, market returns, life expectancy, and income growth to show the range of possible outcomes.

Coverage Need Distribution

10th-90th Percentile Range

$0 $0 $0

Most Likely (Median) $0

Conservative (90th %ile) $0

Worst Case (95th %ile) $0

Standard Deviation $0

Distribution of coverage needs across 10,000 scenarios

Freedom Number Distribution

Median Freedom Number $0

90th Percentile $0

Range (10th-90th) $0 - $0

Distribution of freedom numbers across 10,000 scenarios

Probability of Adequate Coverage

With Current Coverage

Probability your current coverage is adequate across all scenarios

With Recommended Coverage
                                0%
                            
                                Probability of adequate protection with recommended coverage

Key Insights from Simulation

Detailed Statistical Analysis

Metric	Coverage Need	Freedom Number	Income Replacement
Mean	$0	$0	$0
Median (50th %ile)	$0	$0	$0
10th Percentile	$0	$0	$0
25th Percentile	$0	$0	$0
75th Percentile	$0	$0	$0
90th Percentile	$0	$0	$0
95th Percentile	$0	$0	$0
Standard Deviation	$0	$0	$0
Min	$0	$0	$0
Max	$0	$0	$0

Simulation Methodology

This Monte Carlo simulation uses 10,000 iterations with the following variable distributions:

Inflation: Normal distribution, mean 3%, std dev 0.5%
Market Returns: Normal distribution, mean 7%, std dev 1.5%
Income Growth: Normal distribution, mean 2%, std dev 2%
Life Expectancy: Normal distribution, mean 85 years, std dev 5 years
Expense Ratio: Normal distribution, mean 70%, std dev 2.5%
College Cost Inflation: Normal distribution, mean 6%, std dev 1%

Section 3: Coverage Options

Budget

~$0/mo

(20-yr term)

Covers debts
Basic income replacement

⭐ Recommended

Comprehensive

~$0/mo

(20-yr term)

DIME + 20% buffer
Inflation protection

💡 Premium estimates based on healthy 35-year-old. Actual rates vary based on age, health, and other factors.

Section 4: Your Action Plan

⚠️

PROTECTION GAP: HIGH

Recommended Next Steps:

⚠️ IMPORTANT DISCLAIMER:

NOT FINANCIAL, LEGAL, OR INSURANCE ADVICE: This calculator provides estimates for educational and informational purposes only. It should not be construed as financial, legal, insurance, or investment advice. We are not licensed financial advisors, insurance agents, or investment professionals.

NO WARRANTY OR GUARANTEE: Results are based on the information you provided and general assumptions. Actual life insurance needs vary significantly based on individual circumstances, health, family situation, financial obligations, and goals. We make no warranty or guarantee regarding the accuracy, completeness, or suitability of the calculations.

CONSULT LICENSED PROFESSIONALS: Before making any financial, insurance, or investment decisions, please consult with a licensed insurance professional, certified financial planner, or qualified advisor who can provide personalized recommendations based on your specific situation.

NO CLIENT RELATIONSHIP: Use of this calculator does not create a professional-client relationship of any kind. You assume all risks associated with the use of this tool.

INVESTMENT RISK: Past performance does not guarantee future results. All investments carry risk, including potential loss of principal.

📊 Compare Policy Types & Get Quotes →

🎯 Ready to Compare Real Policy Options?

Explore different life insurance products, compare pricing, and see which policy type fits your needs and budget best.

✓ Compare Term, Whole Life, Universal Life, IUL, VUL & GUL
✓ See sample quotes with different coverage amounts
✓ Add riders like Critical Illness, Long-Term Care & more
✓ Understand cash value projections for permanent policies

Get My Free Quote Comparison →

Frequently Asked Questions

What is the DIME method for calculating life insurance?

The DIME method is a widely-used formula that calculates life insurance needs by adding up your Debts, Income replacement needs, Mortgage balance, and Education/future expenses.

What is a freedom number?

Your freedom number is the amount of invested assets you need to achieve financial independence and retire. It's calculated as your annual expenses multiplied by 25, based on the 4% safe withdrawal rule.

Is this calculator accurate?

This calculator uses industry-standard methods (DIME and 4% rule) for estimates. However, actual insurance needs vary by individual. Always consult a licensed insurance professional for personalized advice.