Free tool

Life Insurance Needs Calculator

The DIME method — Debt, Income, Mortgage, Education — tells you roughly how much coverage your family actually needs.

Your situation

Coverage needed
$1,285,000
Monthly term ballpark
~$39/mo
Gap vs existing
$1,285,000

The monthly figure is a rough estimate only — roughly $30/month per $1M of coverage for a healthy 35-year-old buying a 20-year term policy. Your actual quote depends on age, health, and term length.

Where the need comes from

Income replacement$850,000
Debts$20,000
Mortgage$250,000
Education$200,000
Final expenses$15,000
Total need (DIME)$1,335,000
Minus existing coverage$0
Minus savings & investments$50,000
Coverage to buy$1,285,000

Term life insurance is dramatically cheaper than whole life for the same coverage. Most families just need enough term coverage to bridge the years until the kids are independent and the mortgage is gone — they don't need a policy that lasts forever.

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