Guide
How much life insurance do you need?
Here is a calculator plus the logic: how many years of income to protect, major debts, education costs, and what coverage you already own.
A simple way: take how many years of income you want to protect, multiply by your annual earnings, add education and other goals, subtract what you already have. The math does not need to be perfect—coverage comes in round numbers anyway, and what matters is keeping your family stable through the critical years.
Coverage estimate
Formula: (annual income × years) + mortgage + education costs − existing coverage, then round to the nearest $5,000. This is a rough guide, not professional advice.
Why those inputs
Income years. Financial advisors typically recommend ten to twenty years of replacement income; the right choice depends on when your dependents become independent. Families with young children in your area often select twenty or more years since housing, childcare, and school costs are concurrent during their early years.
Debts. For most households, a mortgage is the biggest debt. Having enough coverage to pay it off gives your family the choice to stay in the home without financial pressure.
Education. Budget a rough amount per child in current dollars. It is simpler to factor this in now than to buy more coverage later on.
What you have. Savings available if needed, and employer coverage through work. Since group plans typically end when employment ends, people often count only a portion of it.
Once you know your number, use the quote tool to see costs for 10-, 15-, 20-, 25-, and 30-year terms across different carriers. People often choose a bit more than they estimate, since the monthly cost difference is often small when you are younger.