Financial Needs Calculator

Calculate Your Life Insurance Needs

The Needs Approach is Navy Mutual’s preferred method of calculating life insurance coverage. It calculates the amount of coverage that would offset current or planned debts that the beneficiary could not or would not be able to handle on their own – this may involve a mortgage balance, present value of future education expenses for children, one or more new vehicle purchases, and a lump sum for the survivor’s ancillary expenses. It’s calculated by adding up all the expenses that would shift to your survivors (including immediate funeral costs and long-term mortgage payments) and subtracting the amount of money that they expect to have available to them to make those payments (including savings, investments, and other life insurance policies). This is the number that should stay top-of-mind as you shop around for life insurance coverage.