Guide
How much life insurance do you need?
The formula, the calculator tool, and step-by-step guidance: what each component means and how to estimate.
A standard approach: start with annual income, decide how many years need coverage, add up extra expenses (college, debt payoff), then subtract what you already have set aside.
Coverage estimate
(Annual income × years of need) + anticipated major costs − existing assets. Round up conservatively.
Why those inputs
Income replacement period. Ten to twenty years is standard for working adults; adjust for your household situation.
Liabilities. A home loan represents the biggest liability for most families. Your coverage should handle this debt plus other obligations.
College costs. A reasonable allowance per child in current dollars. Modify based on school selection and state changes.
Current assets. Savings available for expense and employer-provided death benefit.
Once you settle on an amount, the quote tool compares your cost across 10-, 15-, 20-, 25-, and 30-year terms with every carrier. Many shoppers choose coverage slightly higher than their estimate, as the added protection costs only modestly more at younger ages.