Guide
How much life insurance do you need?
A tool and explanation of its parts: income duration, outstanding debts, education funding, and assets you already have set aside.
The standard approach is to total what your income would provide over time, then subtract what is already set aside or covered. This method is approximate and does not need to be exact.
Coverage estimate
Calculation: income × years + debts + education costs − existing resources, rounded to the nearest $5,000. This is a starting figure, not professional advice.
Why those inputs
Income years. Most advisors suggest ten to twenty years of income replacement; the specific length depends on how long your dependents would need support.
Debts. For most households, a mortgage is the biggest one. Coverage large enough to pay off the home lets surviving family members choose to remain without the financial burden.
Education. A modest per-child amount in current dollars. Building this in now is simpler than taking out a second policy in the future.
What you have. Liquid savings available for major expenses, plus group life insurance through an employer. Most group plans end when employment ends, which is why individual coverage matters.
The rates come directly from carriers for your specific situation.