Guide
How much life insurance do you need?
Use a calculator to work through this: your income multiplied by years, added to major debts, plus education, minus what you currently have.
The typical approach: list your debts, multiply your annual income by the number of years until retirement, add your kids' education costs, then subtract what you've already saved.
Coverage estimate
Total coverage = (annual income × number of years) + debts + education funds − current savings
Why those inputs
Years of income. How many years until the youngest child is independent or your pension starts? Often 15 or 20 years.
Debt obligations. For most households, a home loan is the most significant liability. Sufficient coverage means your family would pay off the mortgage if you passed away.
Kids' education. Rough estimate: figure a number per child or look at local tuition and college costs in your region.
Current assets. Savings accounts, existing policies, retirement accounts—funds that would reduce the insurance need.
Once you know your target, visit the quote tool to see actual monthly costs for that amount from each carrier.