Guide
How much life insurance do you need?
A calculator and the logic supporting each component: years of income, major debts, education allowance and existing coverage.
The standard approach is to total the years of income needed, add any major debts, add education costs, and subtract what you already have in savings and group coverage. Precision is not required; term policies come in round numbers, and the goal is a total that sustains your household through the years when dependents need support.
Coverage estimate
Formula: income × years + debts + education − existing savings and group coverage, rounded to $5,000. This is a reference point, not personal financial advice.
Why those inputs
Income years. Most plans cover 10 to 20 years of earnings; the right term depends on your dependents' needs. Families with young children often select longer terms since childcare, housing and education costs typically overlap.
Debts. A mortgage is typically the largest liability. Insurance proceeds that would satisfy it give survivors the freedom to stay in the home if they choose, rather than being forced to sell by financial pressure.
Education. A modest per-child allowance in current dollars. Including it now is simpler than taking out additional coverage later.
Existing resources. Include savings available to your family, and workplace group coverage. Since group policies usually end with employment, many people count only a portion of that benefit.
Once you have a target amount, the quote tool displays the monthly cost for 10 to 30-year terms across carriers. Many people choose coverage slightly above their estimate because the added premium is modest at younger ages.