Guide
How much life insurance do you need?
A tool and guide to working through the math: the years of income you need to replace, outstanding obligations, education savings, and existing resources.
The standard approach: total your income needs plus any debts, then subtract group insurance from your job and other resources already in place, and round to the nearest five-thousand.
Coverage estimate
Try this: income × years + debts + education − group coverage − savings = amount, rounded to the nearest $5,000.
Why those inputs
Coverage duration. Financial professionals typically suggest 10-30 years of income protection depending on your circumstances; pick what covers your actual needs.
Outstanding obligations. Most families list their mortgage first. Life insurance that clears the mortgage leaves a home mortgage-free for those staying. Student loans, vehicle loans and credit card balances count too.
School costs. A simple per-child estimate in current dollars makes it easier to factor in. Prices move, but your figure need not be perfect.
Existing resources. Bank balances that could address immediate costs, plus workplace group insurance. Group plans often cover 1-2 times salary.
Once you have a figure in mind, the quote tool calculates what that amount costs monthly for each 10- to 30-year option and every quoted carrier.