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Evaluate Your Life Insurance Needs using Life Insurance Tools

The average adult American has roughly $170,000 in life insurance coverage, or about four times his or her gross annual income. It seems like a lot until you consider that you're going to be dead a lot longer than four years.

Annual income before tax: $  annual income before tax
% of income needed by dependents: income needed by dependents
Age: income needed by dependents
Number of years benefits are needed: income needed by dependents
Annual inflation rate (estimate): income needed by dependents
Annual interest rate (estimate):   income needed by dependents

Many experts suggest buying a life insurance policy equal to 10 to 20 times your annual income. Annual income is an important factor in determining your needs, but it's not the only one.