Life Insurance Needs Calculator
Find out exactly how much coverage your family needs.
Calculation Method
The DIME method (Debt + Income + Mortgage + Education) is the most accurate way to calculate life insurance needs.
Your Financial Picture
Quick Estimate
Coverage Needed
$0
Coverage Gap
$0
additional coverage needed
DIME Breakdown
š” What Will This Cost?
20-year term life insurance is typically affordable for healthy adults. Estimated monthly premiums:
Age 25ā34
ā
/month
Age 35ā44
ā
/month
Age 45ā54
ā
/month
Estimates for healthy non-smokers, 20-year term policy. Actual rates vary. Get quotes from Policygenius, SelectQuote, or your advisor.
Term vs. Whole Life Insurance: Which Should You Buy?
For most people, 20-year or 30-year term life insurance is the right choice. It's straightforward, affordable, and covers the years when your family is financially vulnerable (kids at home, mortgage unpaid, retirement savings still growing).
Whole life insurance is permanent and builds cash value, but costs 5ā15Ć more for the same death benefit. The insurance industry often markets whole life to people who would be better served by term + investing the premium difference.
A fee-only financial advisor (who earns no commission from insurance sales) can give you unbiased guidance on whether whole life makes sense for your specific situation.
Get unbiased life insurance advice
A fee-only fiduciary advisor earns no commission from insurance, so their recommendation is in your best interest, not theirs.
Find a Fee-Only Advisor ā