Find out exactly how much life insurance coverage your family needs. Our free calculator considers your income, mortgage, children, debts, and savings to give you a personalized recommendation.
Free Tool
Answer a few questions to estimate how much coverage your family needs.
Our calculator uses the DIME method (Debt, Income, Mortgage, Education) plus additional factors.
10x your annual income to replace your earning potential and maintain your family's lifestyle for a decade.
Your remaining mortgage balance so your family can stay in their home without the burden of monthly payments.
$100,000 per child for college tuition and expenses, ensuring their educational future is secure.
Car loans, student loans, credit cards, and other debts so your family starts fresh without financial burden.
$15,000 for funeral costs, estate settlement, and other end-of-life expenses.
We subtract your current savings, investments, and spouse's income contribution to avoid over-insuring.
Once you know how much coverage you need, the next step is finding the right policy at the right price. As an independent broker, I shop 15+ A-rated carriers to find you the best rate.
Common Questions
Our calculator uses industry-standard formulas to estimate your coverage needs. It factors in income replacement (10x your annual income), mortgage payoff, college funds for children ($100K each), other debts, final expenses ($15K), and subtracts your existing savings and spouse's income contribution.
10x income is a common rule of thumb, but it's just a starting point. Your actual needs depend on your mortgage, debts, number of children, spouse's income, and lifestyle. Our calculator factors in all these variables to give you a more accurate estimate.
Your mortgage is just one factor. You'll also need to cover income replacement, children's education, other debts, and final expenses. For a $300K mortgage with a $75K income and 2 kids, you might need $1.2-1.5 million in total coverage.
Yes, if your spouse works, their income provides a financial safety net. Our calculator subtracts 5 years of spouse income from your total needs, recognizing that your family would have some ongoing income even if you passed away.
A healthy 30-year-old can typically get $500,000 in term life coverage for $25-40/month. For $1 million, expect $40-60/month. Rates depend on age, health, and policy type. After using our calculator, check your eligibility to see actual quotes.
Some coverage is better than no coverage. If the ideal amount is out of reach, prioritize covering your mortgage and a few years of income replacement. As an independent broker, I can help you find the best coverage within your budget.