Guide
How much life insurance do you need?
A calculator plus explanation of the four components: how many income years to replace, total debts, education costs, and your current assets.
A typical approach: multiply your annual income by years of support needed, add education and debt costs, then subtract existing savings and group benefits. Precision is unnecessary—term amounts come in round figures, and the target is simply a number that would sustain your household through the crucial years.
Coverage estimate
Formula: (income × years) + debts + education − existing assets = your estimate, rounded to the nearest $5,000. This is a starting point for comparison, not guidance.
Why those inputs
Years to cover. Most advisors suggest ten to twenty years of income replacement; the right span depends on how long your dependents would require support. Families with young children in this region often lean toward longer terms because expenses for care, housing, and schooling cluster together.
Outstanding loans. For most households, a mortgage represents the biggest debt. Having enough coverage to pay it off means survivors can choose whether to keep the home rather than being forced to sell.
Schooling. Rough per-child amount in current dollars. It is simpler to include now rather than apply for extra coverage later.
Current coverage and savings. Liquid savings and employer group life benefits. Note that workplace coverage typically terminates with employment, so most count only a portion.
Once you settle on an amount, use the quote tool to see the monthly cost across 10 to 30 year options with all available carriers. Many people increase their estimate somewhat, since the added cost per month is modest during early years.