Guide
How much life insurance do you need?
A tool to help you estimate coverage by working through income replacement years, outstanding debts, future education costs, and assets you already possess.
Start by estimating what your income supports, then subtract resources already available. Precision isn't the goal here: term coverage is bought in $50,000 or $100,000 increments anyway, and what matters is a number large enough to keep the household stable through the years when dependents are young.
Coverage estimate
Basic math: (Annual income × Number of years) + Debts + Education costs − Existing savings and group coverage, then round to the nearest $5,000 increment. This is a starting point for comparison, not a recommendation.
Why those inputs
Income years. Most planners suggest ten to twenty years; what fits your situation depends on how long dependents need support. Families with children in Westminster frequently select the higher end since childcare, housing and school costs cluster in the same years.
Debts. For most households, a mortgage is the biggest debt. If coverage pays it off, the surviving family can choose to stay in the home rather than having cash flow pressure force them out.
Education. Set aside a rough amount per child, in today's money. Including it in the original policy amount is simpler than buying additional coverage down the road.
What you have. Liquid savings available to your family, plus any group life benefit offered by your employer. Group coverage typically stops when employment ends, so many people include only a fraction of it.
Once you've settled on a target, the quote tool will show you what each carrier charges for 10- to 30-year coverage at that amount. Many people choose to increase the amount by a bit because the added cost per month is modest at younger ages.