Guide
How much life insurance do you need?
Use the calculator below to estimate your coverage need, based on income replacement, debt payoff, education funding, and what you've already saved.
To estimate your coverage need, calculate the income your dependents would lose, then account for any existing protection. Since policies come in round figures, your final amount doesn't need to be exact—just adequate to sustain your household through the critical years.
Coverage estimate
Start with: (annual income × years of protection) + total debts + education costs − savings and existing coverage = your estimate.
Why those inputs
Income years. Most families look to replace ten to twenty years of income—enough time for a spouse to adjust and for children to reach adulthood, but short enough to keep premiums reasonable.
Debts. Add up mortgages, car loans, student loans, and credit card balances. Many families choose coverage that would clear the mortgage so a surviving spouse doesn't have to choose between the house and other bills.
Education. Estimate in today's dollars: a public in-state university, private college, or trade school for each child. It's better to overshoot and adjust later than to find yourself short.
What you have. Subtract savings you could use (and group coverage through work) from your estimate. That's the gap term insurance fills.
Once you have an estimate, use the quote tool to see what it costs to purchase that coverage at your age and health level.