Life Insurance Calculator
Calculate how much life insurance coverage you need to protect your family.
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Frequently Asked Questions
How much life insurance do I need?
A common rule of thumb is 10-12x your annual income. For more precision use the DIME method: Debt + Income (years needed x annual income) + Mortgage + Education. A $80,000 earner with $300,000 mortgage, $80,000 education costs and 20-year need = approximately $1,980,000 in coverage. Subtract existing savings and any current coverage to find the gap.
Term vs whole life insurance: which is better?
Term life insurance is almost always the better financial choice for most people. A 20-year $1M term policy for a healthy 35-year-old costs $40-$60/month. The same coverage in whole life costs $600-$900/month. The standard advice: buy term and invest the difference. Whole life can make sense in very specific estate planning scenarios for high-net-worth individuals.
When should I buy life insurance?
Buy as early as possible — premiums are lowest when you are young and healthy. Key life triggers: marriage, having children, buying a home, starting a business, or becoming someone primary breadwinner. Do not wait for health issues to develop. A 30-year-old in good health pays 50-70% less than a 45-year-old for the same coverage. Lock in low rates while you can.