Life insurance calculators give you an estimate of the life insurance amount that may be right for you given your current financial condition and goals.
However, life insurance companies may allow you to purchase more life insurance than the amount indicated by using an insurance calculator.
It depends on the life insurance company guidelines, the amount of life insurance you already own, as well as, and the amount of money you make.
In the past, agents may recommend you buy up to 10 times your annual income in life insurance. Meaning, if you make $30,000 per year, you may need as much as $300,000 of life insurance.
However, you may even be able to buy up to 20 times your annual income in life insurance depending on the insurer and the circumstances.
Here's a term life insurance calculator to help you determine how much life insurance may be right for you.