Life Insurance Needs Calculator
How much life insurance is enough? The DIME method adds up four things your coverage should handle — Debt, Income replacement, Mortgage and Education — then subtracts what you already have. The result is the coverage gap worth a conversation.
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Coverage gap to discuss
If something happened tomorrow, the family would be short $1,325,000 after using existing coverage and savings. That’s the conversation a term-life policy is built for.
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Frequently asked
How much life insurance do I need?
The DIME method is a solid starting point: cover your Debts, replace your Income for a number of years, pay off your Mortgage, and fund your children’s Education — then subtract what you already have.
What is the DIME method?
DIME stands for Debt, Income, Mortgage, Education — the four obligations a life insurance payout should be able to cover so your family can maintain their standard of living.
Term or permanent life insurance?
Term covers a set period at lower cost and suits most families’ temporary needs (mortgage, raising kids). Permanent costs more but lasts for life. The right answer depends on your goals — talk to a licensed advisor.
Illustrative estimates for education only — not investment, tax, or insurance advice. Figures assume constant returns and simplified rules; your situation will differ. Speak with a licensed professional before acting.