Guide
How much life insurance do you need?
A tool for calculating coverage plus the thinking behind it: income years, debts, education and existing coverage.
The standard method is to total your income's value and subtract existing coverage. It does not have to be exact—term policies sell in round numbers anyway, and precision matters less than having enough for the years ahead.
Coverage estimate
Estimate = income × years + debts + education − existing coverage, rounded to $5,000. This is a starting point, not professional advice.
Why those inputs
Income years. Most planners suggest ten to twenty years; the best choice depends on how long your dependents need income. Families in Covina with young children frequently go longer since housing, childcare, and school costs overlap.
Debts. Your mortgage is often the largest. Insurance proceeds that would pay it off give your family a choice about staying—rather than forcing the choice through cash pressure.
Education. A basic amount per child in today's dollars. Adding it now is easier than buying more insurance later.
Current coverage. Savings you could tap, plus group coverage at work. Remember that group coverage often stops when employment does, so be cautious about counting it all.
Once you have a number in mind, the quote tool shows monthly costs from each carrier for coverage lengths from 10 to 30 years. Most people buy slightly more than they first calculated because the monthly cost difference is very small at younger ages.