Family Finance

Life Insurance Needs Calculator

Protect your family from the unexpected. Use the industry-standard DIME method (Debt, Income, Mortgage, Education) to calculate exactly how much term life insurance you should buy.

Last updated: February 24, 2026

Fast DIME formula calculations
Factor in your existing assets to prevent overpaying
Helps prevent predatory whole-life upsells

Planning for your children's future education? Simulate 529 Growth

Coverage Estimator
DIME Method
Calculate how much life insurance you need using the standard Debt, Income, Mortgage, and Education (DIME) formula.

Credit cards, auto loans, funeral costs.

Remaining balance to keep the family at home.

Years

Standard recommendation: 7 to 10 years.

Expected college costs for children.

Savings & existing life insurance. (Subtracted from need)

Recommended Coverage

Gross Need

$1,345,000

Policy Size to Buy

$1,295,000

If your existing assets exceed your gross financial need, your recommended policy size is $0. You are considered "self-insured".

The D.I.M.E. Framework

Debt

Total up any personal loans, car loans, credit card balances, and estimated final funeral expenses. You want to clear the slate for your survivors so they aren't hounded by creditors.

Income

Multiply your current salary by the number of years you want to support your family (usually 7-10). This prevents a sudden, catastrophic drop in their daily standard of living.

Mortgage

Ensure the family roof is paid for. If you owe $300k on a house, add $300k to your policy so your spouse can eliminate the mortgage payment immediately, vastly reducing their monthly expenses.

Education

Estimate future college tuition. While they can take out loans for school, buying enough life insurance to cover tuition guarantees your tragedy won't severely limit your children's opportunities.

Frequently Asked Questions

Getting Quotes?

Don't talk to an insurance broker until you know your number. Share this tool with your spouse to agree on coverage needs beforehand.

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