Guide
How much life insurance do you need?
A tool and its logic: how many income years, what debts exist, education costs, and what you have set aside.
Start by estimating total income needs, then subtract what you already have (savings, group coverage). The math does not need to be exact—term insurance is sold in increments, and your goal is a number that preserves your household's stability through critical years.
Coverage estimate
Try this: (annual income × years covered) + total debts + education costs − existing savings and coverage, rounded up to the nearest $5,000. This is a guideline, not professional guidance.
Why those inputs
Income years. Most advisors suggest replacing 10 to 20 years of income depending on your dependents' needs. Families with young children often select the longer range because costs for childcare, housing, and education cluster in the same years.
Debts. Most households carry a mortgage as their largest debt. Life insurance sized to eliminate it gives your family breathing room to make choices based on their wishes, not financial pressure.
Education. Budget per child in current dollars. Factoring it in now is simpler than purchasing another policy down the road.
What you have. Liquid savings and workplace group coverage both count. Keep in mind that group plans typically end when you leave the job, so applying only a portion toward your total is prudent.
Once you settle on a figure, visit the quote tool to compare prices across 10, 15, 20, 25, and 30-year terms from all carriers. Many choose a higher amount than their calculation because the monthly cost difference is modest when you are younger.