How Much Life Insurance Do You Need?
A common approach is the DIME method: Debt + Income replacement + Mortgage + Education costs minus existing assets. This calculator uses income replacement multiplied by years needed, plus debts and final expenses, minus savings.
Term vs Whole Life Insurance
Term life is affordable and covers a specific period (10-30 years). Whole life covers your entire life and builds cash value but costs 5-15x more. Most families benefit from term life insurance.