Guide
How much life insurance do you need?
A calculation tool and the reasoning behind it: income years, obligations, education and what's already in place.
The standard method: total up income years you want covered, add expected debts, add education funding, then subtract current savings or group insurance. The math doesn't have to be perfect: term policies come in chunks, and the goal is a figure your household could live on.
Coverage estimate
Formula: income × years + obligations + education − savings and work insurance, rounded to the next $5,000. This gives a beginning point, not guidance.
Why those inputs
Income years. Most households select between ten and twenty years depending on when they'll stop earning and dependents will grow up. If you have young kids at home, many families select a longer term since the years when they need childcare, a place to live, and schools are all happening at once.
What you owe. Mortgage debt is the biggest piece for most families. A policy that pays off the mortgage in full gives survivors the option to stay in the home without being forced by money into another choice.
Education expenses. An estimated amount per child, using today's dollars. It's better to include it now than to get another policy later.
What's already protecting you. Bank and brokerage accounts you can spend down, and employer coverage. Most employer policies end if you leave the job, so most people count only part of what work provides.
Once you know your target, the quote tool can show you pricing for 10 to 30 year terms from each carrier. Requesting 10% above your estimate is a smart move because the monthly cost doesn't rise much at younger ages.