RECOMMENDED COVERAGE
$0
Income replacement$0
Debts + future expenses$0
Minus existing coverage$0
How Much Life Insurance Do You Need?
This uses a needs-based approach: income replacement plus debts and future expenses, minus existing savings and coverage.
The Formula
Coverage = (Annual income × years) + debts + future expenses − existing coverage
Term vs Permanent Insurance
Term covers a fixed period and is more affordable; permanent lasts a lifetime with a savings component at higher cost.
Frequently Asked Questions
Does this give a premium quote?
No, this estimates coverage needed, not cost. Get a quote from an insurer for pricing.
Should stay-at-home parents get coverage?
Often yes, since replacing services like childcare can be costly.
How often to reassess?
After major life events — a child, a home purchase, or an income change.