By Cory Levine, licensed life insurance agent. Independent — I work for you, not one company.
Not sure how much life insurance you need? Use the free calculator below. It adds up what your family would need to stay on track — income, the mortgage, debts, college and final expenses — then subtracts the coverage and savings you already have.
How much life insurance does your family need?
Answer a few quick questions, one at a time. Ballpark numbers are fine. It takes about 2 minutes, and at the end we’ll email you a personal report.
This estimates coverage for one person. Run it again for a spouse or partner.
What matters most to you?
Check all that apply.
Your home
Life insurance can pay off the house so your family can stay in it. About how much would you want paid off?
Other debts
Not counting the house, about how much debt would you want paid off?
Replacing your income
If you weren’t here, how much monthly income would your family need, and for how many years?
Assumes the payout is invested earning 4% before a 20% tax on earnings, and the income your family takes rises 3% a year for inflation. Hypothetical only, not a projection of any investment.
College for your kids
Want to make sure your children or grandchildren can still go to college? Enter how many and about how much for each. The amount is up to you.
Final expenses and other wishes
Funeral and end-of-life costs, plus anything else you’d want covered, like a gift to charity, care for a special-needs child, or legal costs.
Coverage you already have
How much life insurance do you already have? Include coverage through work.
Savings your family could use
Savings, retirement accounts and CDs your family could draw on lower how much insurance you need.
Your estimated life insurance need
Where are you with this right now?
Educational estimate only, not a quote or recommendation. Actual coverage and price depend on underwriting.
Where should we send your report?
You’ll get a copy of your personal report by email, and Cory will get one too so he can answer any questions.
Your report is on its way
Check your inbox for your personal report. Next, pick a time for a free 15-minute call with Cory. Taking you to his calendar now…
How we calculate how much life insurance you need
The calculator uses a simple needs-based method that adds up five things:
- Income replacement — the monthly income your family would need, for the years they would need it. It assumes the payout earns 4% before a 20% tax on earnings and that the income rises 3% a year for inflation.
- Mortgage — the balance, so your family can stay in the home.
- Other debts — car loans, credit cards and personal loans.
- College — the cost for each child you plan to help.
- Final expenses — funeral and end-of-life costs.
Then it subtracts any life insurance you already have (including coverage through work) and savings your family could use. The result is rounded up to the nearest $50,000, since most policies are sold in those amounts.
The quick rule of thumb: 10 to 15 times your income
If you want a fast starting point, many families need about 10 to 15 times their yearly income. Someone earning $75,000 a year would look at roughly $750,000 to $1.1 million. The calculator above gives a more personal number, because two families with the same income can have very different mortgages, debts and goals.
How long should your coverage last?
| Term length | Often a good fit if… |
|---|---|
| 10 years | You need coverage for a short gap, like a business loan or the last years before retirement. |
| 20 years | You have young children or a newer mortgage. This is the most popular choice. |
| 30 years | You just bought a home or had a baby and want the longest protection at a locked-in price. |
For most families, term life insurance with living benefits is the most affordable way to get the amount of coverage they need. If you also want lifetime coverage and tax-advantaged retirement income, see how an indexed universal life (IUL) policy works.
Common mistakes when choosing a coverage amount
- Relying only on work coverage. It is often just 1–2 times your salary, and it usually ends when you leave the job.
- Forgetting the stay-at-home parent. Replacing childcare and household work costs real money.
- Choosing too short a term. Coverage should last until your family no longer depends on your income.
- Waiting. Rates are based on your age and health when you apply, so they usually only go up.
Frequently asked questions
How much life insurance do I need?
Most families need about 10 to 15 times their yearly income, plus enough to pay off the mortgage and cover big goals like college. The calculator above gives you a personal estimate.
Is life insurance through work enough?
Usually not. Work coverage is often only 1 to 2 times your salary, and it typically ends when you leave the job.
Should stay-at-home parents have life insurance?
Yes. If a stay-at-home parent passes away, the family may need to pay for childcare and household help, which can cost a lot each year.
Can I have more than one policy?
Yes. Many people combine a personal term policy with coverage through work, or add a second policy as their needs grow.
Want to understand living benefits? Read Living Benefits, Explained by a Widower.
Get your real numbers
In a free 15-minute call, I’ll show you how much coverage makes sense and what it actually costs — no pressure.
This page is for general education only and is not financial, tax or legal advice. Coverage is subject to underwriting.
