Calculator

Coverage calculator

Let us help you determine how much money your family might need if you were to pass away. Everyone’s situation is unique, but our coverage calculator can help give you an estimate of your coverage needs.

Learn more

Answer a few basic questions and leave the math to us.

Calculate my coverage needs

Disclosure: The Lantern Term Life Insurance Calculator is for informational purposes only and is not to be construed as financial advice, nor is it intended to be a recommendation of specific insurance guidance products. Lantern shall not be responsible for any financial or investment decisions made as a result of any information generated by the Lantern Term Life Calculator. The amount of insurance generated by this calculator is an estimate only. The estimated amount of insurance is based upon the information you input into the calculator, as well as various other assumptions made by Lantern. You should speak to a financial advisor about any financial or investment-related questions that you may have.

Other coverage

If you already have some life insurance, we’ll deduct that from our estimate. Have coverage through work? Including that here is up to you, but keep in mind that you can’t usually take your employer-provided policy with you if you change jobs.

Do you currently have life insurance coverage?*

Yes

Current coverage*

Mortgage balance

Housing represents a big chunk of most peoples’ monthly budget, and knowing your family has help paying the mortgage could be a big relief. If you’ve got a mortgage, enter the remaining balance left to pay.

Do you have a mortgage balance?*

Yes

Mortgage balance*

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Other debts

Think about any other debts you might have and add them all up. This could include credit card balances, medical debt, car loan payments, etc.

How much other debt do you have?*

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Income replacement

Enter your individual income, not your household income. If you’re a stay-at-home parent, consider the value of everything you do for your family and household.

What’s your annual income?*

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Savings & investments

Think about any cash savings you have, your retirement account balances, or any other investments or assets and add those values up. We’ll factor this in to our math, so you don’t get more insurance coverage than you might actually need.

How much do you have in savings, retirement, and investment accounts?*

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Dependents

Chances are, you’re here because you’ve got people depending on you. Tell us a bit more about who relies on your income.

Who relies on your income?*

Me and my partner

Me and my kid(s)

Me and my partner and my kid(s)

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Tuition costs

The average out-of-state tuition cost for a public university is about $25,000 per year*, so we’ll add a four-year average of $100,000 for each child.

*Source: Collegeboard.org

Do you plan to pay for your kids’ tuition costs?

Yes

Number of kids

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Your calculated coverage

This is an estimate based on your answers and isn’t a full accounting of your financial picture. If you’d like to discuss your needs in more detail, call one of our knowledgable agents at 800-219-9512.

Coverage: