Guide
How much life insurance do you need?
Use this calculator and learn the thinking: how many income years to protect, what debts matter, education funding, and what protection you already own.
A typical approach: sum what your earnings would have supported minus any existing assets. Precision is not essential—term policies come in round increments anyway—and the target is simply an amount that steadies the household through the critical years.
Coverage estimate
Formula: (annual earnings × years needed) + current debts + education costs − any savings or group coverage, then round to the nearest $5,000. This is a baseline, not personalized guidance.
Why those inputs
Income years. Most planning uses ten to twenty years of lost earnings as the baseline; the best duration depends on how long dependents require financial support. Families with young kids often lean toward the higher end because housing, childcare, and education expenses cluster together during those years.
Debts. Most households carry a mortgage as their biggest liability. Insurance that would pay off the mortgage leaves survivors with choice about their home, not a forced sale due to money flow.
Education. Include a rough per-child allowance in current dollars. Adding it now is simpler than buying extra coverage afterward.
What you have. Liquid savings you could spend down, plus any group term through an employer. Most group plans stop at job departure, so counting less than the full benefit is common practice.
Once you settle on an amount, visit the quote tool to see pricing from each carrier for terms ranging from 10 to 30 years. Opting for more coverage than your calculation suggests is typical, since the added monthly cost is modest when you're younger.