Free Educational Tool

How much life insurance might you need?

A quick estimate using the widely-used DIME method — Debt, Income, Mortgage, Education. This is an educational starting point, not a quote or recommendation.

How much life insurance do you actually need?

Most online answers to this question are either too generic ("multiply your income by 10") or too aggressive (driven by sales incentives).

How we approach the number honestly

The honest answer depends on what your dependents would actually need to maintain their standard of living if your income disappeared.

It uses the widely-accepted DIME method to build a credible starting estimate from your actual commitments rather than a rule of thumb: Debt (non-mortgage debts your family would otherwise inherit), Income (years of your income to replace, discounted to a present-value lump sum), Mortgage (the remaining balance, so your family can stay in the home), and Education (future costs for children). From that total it subtracts your existing savings, any coverage you already have, and the present value of Social Security children's survivor benefits. A physician with young children and student loans has very different needs than an executive with grown children and no mortgage.

This is an estimate, not a quote. It doesn't account for employer-provided coverage (which often disappears at job change), Social Security survivor benefits, or your spouse's earning capacity — each of which can meaningfully change the right number.

No information you enter is stored or transmitted. The calculation runs entirely in your browser.

Enter your numbers

Your situation

All estimates. Round figures are fine. Nothing is sent anywhere — this runs entirely in your browser.

Debts to pay off Credit cards, car loans, personal loans (exclude mortgage)

Mortgage balance Remaining balance you'd want paid off

Annual income to replace Your yearly income before tax

Years of income to replace How many years should that income continue?

Discount rate Assumed annual return, net of inflation, used to present-value the income (e.g., 3%)

Education fund Estimated future education costs for children

Final expenses Funeral and end-of-life costs (often $10k–$20k)

Existing savings & assets Liquid savings/investments that could offset the need

Existing life insurance Coverage you already have (e.g., through work)

Social Security survivor benefit (monthly) Estimated monthly children's survivor benefit — confirm your figure with SSA

Years survivor benefit continues Roughly until the youngest child ages out (benefits generally end around age 18)

Estimated coverage to consider

Enter your numbers above to see an estimate.

Debts	$0
Mortgage	$0
Income replacement (present value)	$0
Education fund	$0
Final expenses	$0
Less: savings & existing coverage	–$0
Less: Social Security survivor benefit (present value)	–$0
Estimated need	$0

This is an educational estimate, not a quote, recommendation, or financial advice. The DIME method is a common rule-of-thumb and does not account for your full financial picture, taxes, a spouse's income, or your specific goals. Income replacement and any Social Security survivor benefit are discounted to present value using the rate you enter, treated as a return net of inflation; the Social Security figure is your estimate to confirm with SSA, and the true rate and time horizon should be set with a professional. Your actual coverage need — and the right type of policy — should be determined in a personalized conversation with a licensed agent. No information entered here is collected or transmitted.

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