How much life insurance do you need?
Adjust the numbers below. Your estimate updates as you type.
Estimated coverage gap
$865,000
- Debt and final expenses
- $25,000
- Income replacement
- $600,000
- Mortgage payoff
- $200,000
- Education
- $50,000
- Total need
- $875,000
- Minus coverage and savings
- −$10,000
Pays off what you owe plus end-of-life costs.
$60,000 a year × 10 years.
Lets your family keep the home without the payment.
Future tuition and school costs for children.
This is a rough estimate, not advice or a quote. Actual needs, pricing, and eligibility depend on your situation and on underwriting.
Compare mortgage protection optionsHow this works
- 01
Debt
Add up everything you owe except the mortgage (credit cards, car and personal loans) plus final expenses, so none of it falls to your family.
- 02
Income
Multiply the yearly income your family relies on by the number of years they would need it. Many people choose the years until their youngest child is independent.
- 03
Mortgage
Use your remaining mortgage balance, not the original loan amount. Paying it off lets your family stay in the home.
- 04
Education
Estimate future tuition and school costs for each child you want to help.
- 05
Minus what you have
Subtract existing life insurance (including coverage through work) and savings your family could use. What remains is your estimated coverage gap.
Questions
What is the DIME method?
DIME stands for Debt, Income, Mortgage, and Education. It adds up the main money needs your family would face if you died, then subtracts resources already in place. It is a quick rule of thumb, not a full financial plan.
See what you qualify forWhy subtract life insurance through work?
Coverage through an employer counts toward what your family would receive, so it reduces the gap. Keep in mind that workplace coverage usually ends if you leave the job, so some people do not count all of it.
See what you qualify forHow many years of income should I replace?
There is no single right answer. Common choices are the years until your youngest child finishes school or until your spouse reaches retirement. Try a few values and see how the estimate changes.
See what you qualify forIs this estimate a quote?
No. It is an estimate of need only. The coverage you can get and what it costs depend on your age, health, the policy type, and underwriting by the insurance company.
See what you qualify for