Guide
How much life insurance do you need?
An interactive calculator plus the reasoning behind it: how to think through income protection duration, debts, education costs and current resources.
The typical method: add up what your income stream would have paid over the years minus existing savings and group coverage. Precision is not necessary—policies are issued in round figures, and the goal is an amount that maintains household stability.
Coverage estimate
A starting formula: (annual earnings × number of years) + outstanding debts + expected college costs − money you already have, rounded to the nearest $5,000. Use this as a launching point, not as personal financial counsel.
Why those inputs
Income years. Financial planners commonly suggest protecting ten to twenty years of income; your situation depends on how long dependents would need support. Families with young children often choose longer terms to account for ongoing childcare, housing and schooling costs.
Debts. For most households, a home mortgage represents the largest financial obligation. Coverage that pays off the mortgage allows your family to keep the house if something happens to you.
Education. Set aside a reasonable per-child amount in today's purchasing power. Factoring in education funding now is simpler than applying for additional coverage once children are older.
Existing protection. Include money saved and group coverage through an employer. Note that employer coverage usually stops when employment ends, so most individuals do not count the full amount.
With a specific figure in mind, the quote tool displays what coverage costs across different timeframes—10, 15, 20, 25 or 30 years—from all available carriers. Purchasing coverage above your estimated need is common because monthly costs are quite modest when you are younger.