Life Insurance Calculator
Calculate how much life insurance coverage you need to protect your family's financial future.
Frequently Asked Questions
How much life insurance do I need?
A common rule of thumb is 10-12 times your annual income. However, the exact amount depends on your debts, dependents, future expenses (college, mortgage), and existing savings. Use our calculator to get a personalized estimate based on your specific situation.
What is the DIME method for life insurance?
DIME stands for Debt, Income, Mortgage, and Education. Add up all your debts, multiply your annual income by years needed, add your mortgage balance, and add estimated education costs for children. This gives you a comprehensive coverage amount.
Should I include my mortgage in life insurance calculation?
Yes, including your mortgage ensures your family can stay in their home if something happens to you. Add the remaining mortgage balance to your total coverage needs.
How does the number of dependents affect life insurance needs?
More dependents typically require more coverage. Consider living expenses, education costs, and childcare for each dependent. Our calculator factors in the number of dependents and years of support needed.