Guide
How much life insurance do you need?
A simple tool and the reasoning behind it: how many income years to cover, your major debts, education costs, and what you already have in place.
The standard approach: add up what you would have earned and subtract what's already protected. It doesn't need to be precise; term coverage is sold in round dollar amounts, and the goal is a cushion that keeps your household stable through the important years.
Coverage estimate
Estimate = income × years + debts + education − what you already have, rounded to the nearest $5,000. It's a starting point, not professional guidance.
Why those inputs
Income years. The range most frequently used by planners is ten to twenty years; what's right for your situation depends on how long dependents require financial support. Households with young children typically prefer the longer timeline because childcare, housing and education expenses all peak during the same period.
Debts. A mortgage is typically the biggest debt for families. Coverage sufficient to pay off the mortgage lets survivors decide whether to keep the home based on choice rather than cash pressure.
Education. A basic allowance per child in today's dollars. Funding it now avoids the need to buy a second policy later.
What you have. Savings available if needed, and group coverage from your employer. Remember that group coverage usually terminates when you leave that job, so many families count only a portion of it.
Once you have a target number, the quote tool will show you how much that coverage costs for 10 to 30 years across multiple carriers. Many families buy slightly more than their estimate because the cost difference is minimal at younger ages.