Guide
How much life insurance do you need?
A simple calculator and the reasoning behind each component: years of income replacement, debts, education, and what you already have.
Add up the income you would have replaced and subtract what is already set aside. This method is not precise, nor does it need to be: people buy coverage in round numbers, and the goal is an amount that would stabilize your household during the critical years.
Coverage estimate
Estimate = yearly income × years + major debts + education costs − existing savings and coverage, rounded to the nearest $5,000. This is a starting point, not personalized financial advice.
Why those inputs
Income years. Most planners suggest replacing 10 to 20 years of income; the right span depends on how long your dependents would need support. Families with young children in areas with high childcare and school costs often choose the longer end.
Debts. Your mortgage is likely the largest debt. Coverage sufficient to pay it off gives your family the choice to stay in the home or relocate, rather than being forced by financial pressure.
Education. A rough estimate per child in today's dollars. Including it now is easier than buying a second policy later.
What you have. Savings that could cover some needs, plus group life insurance through work. Note that group coverage usually ends when employment ends, so many people count only part of it.
Once you have your coverage estimate, use the quote tool to see what that amount costs across different terms and carriers. Buying slightly more than your estimate is common since the monthly cost difference is often small for younger applicants.