Guide
How much life insurance do you need?
A calculator and the reasoning behind it: income years, debts, education and what you already have.
The most common method is to add up what your income would have covered and subtract what is already in place. It is not precise, and it does not need to be: term coverage is bought in round numbers, and the goal is a figure that would keep your household steady for the years that matter.
Coverage estimate
Estimate = income × years + debts + education − what you already have, rounded to the nearest $5,000. It is a starting point, not advice.
Why those inputs
Income years. Ten to twenty years of income is the range most planners use; the right number depends on how long your dependents would need support. A household with young children in Los Angeles often chooses the longer end because childcare, housing and schooling costs peak together.
Debts. A mortgage is the largest for most families. Coverage that would clear it lets survivors decide whether to stay without the decision being forced by cash flow.
Education. A rough allowance per child, in today's dollars. It is easier to include it now than to add a second policy later.
What you have. Savings that could be spent, and group coverage through work. Group coverage usually ends when the job does, so many people count only part of it.
When you have a number, the quote tool shows what that amount costs for 10 to 30 years from each carrier. Buying a little more than the estimate is common because the monthly difference is small at younger ages.