❤️ Life Insurance
Life Insurance
Needs Calculator
Stop guessing. Calculate exactly how much life insurance your family needs to maintain their lifestyle, pay off debts, and fund future goals.
The DIME Method is the gold standard for calculating life insurance needs: Debt, Income replacement, Mortgage, Education. This calculator uses an expanded version that accounts for all major financial obligations your family would face.
Recommended Coverage Amount
$0
Based on your income, debts, and family needs
Income Replacement Need
$0
Years × annual income
Debt Obligations
$0
Mortgage + other debts
Education & Childcare
$0
College + childcare costs
Resources Available
$0
Existing insurance + savings
DIME Analysis Breakdown
Debt (mortgage + other)—
Income replacement (×years)—
Mortgage payoff—
Education (children × per-child)—
Final expenses & funeral—
Childcare costs—
Total Need—
— Existing Resources—
Coverage Gap (Buy This Much)—
Coverage Recommendations by Scenario
📏Rule of thumb (10× income)—
📐DIME method (this calculator)—
🎯Conservative (5× income)—
💡Recommended term length—
Get your free life insurance quotes
Now that you know how much coverage you need, compare quotes in minutes. Term life is more affordable than most people think.
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Frequently Asked Questions
How much life insurance do I actually need? ▾
The most accurate answer comes from a needs analysis like this calculator — accounting for your specific income, debts, dependents, and goals. As a quick rule of thumb, most financial advisors recommend 10-12 times your annual income. But this understates needs for people with large mortgages or young children, and overstates it for people with significant savings. Run the full calculation for the most accurate number.
Term vs whole life — which should I buy? ▾
For most people, term life insurance is the right choice. It's 5-10x cheaper than whole life for the same coverage amount, and you only need life insurance while people depend on your income. A 20-30 year term covers your working years when your family is most vulnerable. Whole life makes sense in limited scenarios: estate planning for high-net-worth individuals, or if you've maxed out other tax-advantaged accounts.
When should I buy life insurance? ▾
The best time to buy is when you're young and healthy — premiums are locked in at your current age and health status and don't increase over the term. Every year you wait costs more. A 30-year-old in good health can get $500,000 of 20-year term coverage for $20-30/month. The same policy at 40 costs $40-60/month. Major life triggers to buy: getting married, having children, buying a home, or when someone becomes financially dependent on your income.
Does employer-provided life insurance count? ▾
Employer life insurance (usually 1-2× salary) is a nice benefit but should not be your primary coverage. It's typically not portable — you lose it if you change jobs or get laid off, which may happen when you're older or have health issues that make new coverage expensive or unavailable. Treat it as a bonus, not a foundation. Buy individual term coverage you own regardless of your employer.