A quick estimate of the coverage that would keep your family financially secure.
A life insurance calculator estimates how much coverage would keep your family financially secure. It uses the DIME method, Debt, Income, Mortgage, Education, minus the assets and coverage you already have.
DIME adds up four things your family would face without your income: remaining Debt, the Income they'd need to replace and for how long, the Mortgage balance, and future Education costs. Summing those and subtracting savings and any coverage you already have gives a need tailored to your life rather than a generic multiple of salary.
For most families the need is temporary, it peaks while children are at home and the mortgage is large, then fades as savings grow and obligations shrink. Term life matches that shape: it's inexpensive and covers a set number of years, so you can buy a large policy for the window when your family is most exposed rather than paying permanent-policy premiums for life.
A common approach is the DIME method, cover your debts, income replacement, mortgage, and education costs, minus current assets. Many people land near 10× their income; this calculator personalizes it.
Term life is far cheaper and covers a set period (often when your family needs it most). Whole life costs more but is permanent and builds cash value. Most families are well served by term.
This estimate doesn't discount income for investment growth, which builds in a modest cushion. An advisor can refine it for your situation.
See the exact formula and a worked example on our methodology page.