Life Insurance Calculator
Calculate how much life insurance coverage you need to protect your family's financial future
Personal Information
Basic details that affect your insurance needs
Financial Information
Your income, debts, and existing coverage
Include mortgage, credit cards, loans, etc.
Dependents & Support Needs
Information about those who depend on your income
Children, spouse, parents, etc.
How many years should your income be replaced?
Life Insurance Tips
- Buy when young: Premiums are lowest when you're young and healthy
- Term vs. Permanent: Term life is cheaper but temporary; permanent builds cash value
- Review regularly: Update coverage after major life events (marriage, children, home purchase)
- Employer coverage: Group life insurance is often insufficient for full protection
- Medical exams: Be honest and prepare for the medical exam to get the best rates
Coverage Calculation Methods
DIME Method (Used Here)
Debt + Income replacement + Mortgage + Education costs
10x Income Rule
Simple rule: 10 times your annual income
Human Life Value
Present value of future earnings minus personal expenses
Needs Analysis
Detailed analysis of family's specific financial needs and goals