Life Insurance Needs Calculator
Choosing a coverage amount is easier when you build it from the real needs your family would face. Set the income to replace, the years to replace it, your debts, final expenses, and any coverage you already hold. The recommended amount updates as you slide.
How this math works
The tool multiplies your annual income by the number of years you want to replace it, then adds your total debts and estimated final expenses. It subtracts any existing coverage to show the additional amount you may need.
This is a common approach sometimes called the DIME method, covering debt, income, mortgage, and expenses. Term life insurance can usually cover a need this size at a relatively low cost.
Common questions
How many years of income should I replace?
Many families choose enough years to reach a milestone, such as when the youngest child finishes school. The right number depends on your goals and dependents.
Why subtract existing coverage?
Any policy you already hold, including coverage through work, reduces the new amount you need to buy. Subtracting it avoids paying for coverage twice.
What is the difference between term and whole life?
Term life covers a set period at lower cost and is common for replacing income. Whole life lasts for life and builds cash value, but it costs considerably more.
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