🛡️

Life Insurance Needs Calculator

Use the DIME method (Debts + Income × 10 + Mortgage + Education) to estimate how much life insurance you need. Ballpark monthly premiums for term vs whole life.

Your situation

Your age

Gender (for rate estimate)

Do you smoke?

Annual household income

Outstanding debts (credit cards, loans, etc.)

Remaining mortgage balance

Number of kids needing college funds

Existing life insurance coverage

Term length (years)

⚠️ This calculator provides a ballpark estimate based on industry averages and publicly available data. Your actual premium depends on factors we cannot verify (credit score, claims history, exact vehicle/property details, carrier underwriting). This is not insurance advice. Compare actual quotes from licensed carriers before purchasing. Full disclaimer.

Frequently asked questions

What is the DIME method?

DIME stands for Debts, Income (×10), Mortgage, and Education. It's a simple formula popularized by life insurance experts: add up all debts, multiply annual income by 10, add remaining mortgage balance, and add projected college costs for kids. The result is a practical starting point.

Term vs whole life — which should I choose?

Term life is dramatically cheaper because it only pays out if you die during the term (10, 20, or 30 years). Whole life is permanent and has a cash-value component, but costs 3-5× more. For most young families, a large 20-30 year term policy is the better value.

Is this estimate accurate?

Our rate tables are based on industry averages for healthy non-smokers. Your actual rate depends on underwriting factors we can't know: medical history, family health, occupation risk, hobbies (skydiving, etc.), and the specific carrier's pricing. Always get multiple actual quotes.