Guide
How much life insurance do you need?
Use the calculator below to explore the logic: how many income years to protect, what debts exist, education budgeting and assets you're counting on.
A straightforward way: calculate how many years of your income you want to replace, then deduct what you already have saved or through work. The result doesn't need to be exact—term coverage comes in standard increments, and the objective is a number that holds your family together during the years that count.
Coverage estimate
Try this: (your annual income × years of coverage) + outstanding debts + education costs − your current savings, rounded to the nearest $5,000. This is just a starting framework, not guidance.
Why those inputs
Income years. Advisors typically suggest replacing 10 to 20 years of earnings—what fits depends on how long those counting on you need backing. Corona families with younger dependents tend toward the longer span because the years when kids need school, childcare and housing are the costliest.
Debts. Home loans represent the biggest debt for most households. Having enough coverage to eliminate that debt means your family isn't forced out of the home by lack of money.
Education. Set aside a rough figure per child in current dollars. Including this now is simpler than opening another policy later.
What you have. Include money set aside, and any group insurance from your employer. Group policies typically stop when employment ends, so most people only count a portion of it.
Once you settle on a figure, the quoting system will display the monthly cost for each year option—10 through 30 years—from every carrier we work with. Slightly increasing your coverage amount is typical since the cost difference is minimal when you're younger.