Life Insurance — Calculate Coverage Needs
Calculate coverage to replace income, pay debts, fund education, and cover final expenses. DIME: Debts + Income + Mortgage + Education.
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10x income common guideline Term affordable for most Buy while young and healthy Review beneficiary designations
Ready to run the numbers?
Why: Life insurance protects your family if you die. Underinsuring leaves them at risk; overinsuring wastes money.
How: Enter income, years to replace, debts, funeral costs, college funds, and existing coverage. Results show total needs and gap.
Run the calculator when you are ready.
Life Insurance Calculator
Calculate coverage needs
Sample Scenarios
Your Situation
Coverage Gap: $965,000
Recommended: $1,065,000
Total Needs
$1,065,000
Existing
$100,000
Gap
$965,000
Income %
70%
Calculation Breakdown
Income Needs
Other Needs
Coverage Analysis
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Get personalized coverage recommendations.
Estimates only — not an insurance quote or offer. Contact a licensed agent for actual rates.
💡 Money Facts
10x annual income is a common coverage guideline.
— Industry
Term life is typically 5-10x cheaper than permanent.
— Insurers
DIME: Debts + Income + Mortgage + Education.
— Planning
Review when you marry, have kids, or buy a home.
— Advisors
What is Life Insurance Needs?
Calculates coverage to replace income, pay debts, fund education, cover final expenses. DIME: Debts + Income + Mortgage + Education.
How It Works
Income replacement = annual income × years. Total = income + debts + funeral + college. Gap = total − existing coverage.
Key Takeaways
- • 10x income common guideline
- • Term affordable for most
- • Buy while young and healthy
- • Review beneficiary designations
Did You Know?
DIME method, Human Life Value. Review when marriage, kids, home purchase.
Expert Tips
- • Don't forget employer coverage
- • Term for needs, permanent for estate
- • Consider both spouses
Term vs Permanent
Term: affordable, coverage period. Permanent: builds cash value, lifetime. Most need term.
FAQ
Years to replace? Until kids independent or mortgage paid. 10–20 years common.
Disclaimer: Consult an insurance professional.
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