Guide
How much life insurance do you need?
An interactive tool and the thinking behind it: how to weigh income years, debts, schooling, and current protections.
The standard approach is to total what your earnings would support and remove what you've already secured. It won't be exact, nor does it have to be: life insurance amounts are selected in round figures, and the purpose is a level that preserves your household's stability through the years that matter.
Coverage estimate
A formula to start: (annual income × number of years) + outstanding debts + expected education costs − existing resources, rounded to the nearest $5,000. This is a beginning point, not personal financial guidance.
Why those inputs
Income years. Planners typically suggest ten to twenty years; your situation depends on how long support would be needed if you were gone. Families with young children residing in this region frequently prefer the longer duration because expenses for childcare, housing, and education cluster in the same years.
Debts. Most households carry a largest debt via their house. Insurance that can pay off the mortgage allows your family to remain in their home if the worst occurs, rather than being forced to move by financial pressure.
Education. Set aside a realistic sum per child in today's purchasing power. Adding education funding now is simpler than purchasing a new policy to cover it in the future.
What you have. Include funds set aside and employee-provided coverage. Note that job-based coverage typically disappears when you leave the employer, so most people don't count the complete amount.
Once you have a target number in mind, our quoting tool displays its cost across 10, 15, 20, 25 and 30-year terms from every available carrier. Purchasing modestly above your calculation is typical because the per-month cost is small when you are younger.