Income replacement estimates how many years your family would need financial support to maintain their current lifestyle if your income stopped. It's a core factor in determining an adequate coverage amount.

Yes. Your current savings, investments, and existing life insurance reduce the additional coverage you need, since these assets can already contribute toward your family's future financial needs.

Yes. Since the cost of living rises over time, a coverage amount that seems sufficient today may fall short in 15–20 years. Adjusting for an assumed inflation rate helps ensure the payout retains its real value when it's eventually needed.

Term insurance provides coverage for a fixed period at a lower premium and is typically used for pure income-replacement needs. Whole Life insurance covers you for life and includes a savings component, usually at a higher cost. This calculator estimates the coverage amount needed regardless of which policy type you eventually choose.

If your spouse also earns an income or contributes significantly to household responsibilities (like childcare), it's worth calculating their coverage need separately, since losing their contribution would also create a financial gap for the family.