Life Insurance Calculator: How Much Do I Need?
Your life insurance need is the money your loved ones would need if you died, minus resources already available to them. Start with income, debts, education, and final expenses—not a one-size-fits-all coverage number.
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Age, sex, and tobacco use affect available policies and pricing, not the DIME coverage calculation. Dollar inputs start at zero unless stated otherwise.
How does the DIME method calculate life insurance needs?
Debt + Income + Mortgage + Education, less available resources. We add final expenses to debt. Income is annual income multiplied by your chosen support years. Mortgage is the outstanding balance, not the sum of future payments. Avoid counting the same expense twice when deciding whether to pay off the home or support future household spending.
This is a simple starting point: it does not model inflation, investment returns, taxes, or changing family expenses. Mortgage protection can help a family keep its home. For retirement-stage couples, Social Security income protection uses ordinary life insurance for a lost Social Security check, much like mortgage protection uses life insurance for a home loan—not a government insurance benefit. Review survivor benefits separately; this calculator does not calculate them.
See how life insurance cost changes with age →Frequently asked questions
Educational planning only, not an offer of insurance or a guarantee of coverage, price, or approval. Carrier availability and underwriting rules vary. Review your needs with a licensed agent.