Financial Tools

Life Insurance Needs Calculator

Get a rough, illustrative starting point for how much life insurance coverage could help replace income and cover debts, based on the numbers you enter.

This uses a version of the "DIME" method (Debt, Income, Mortgage, Education) — a common, simplified way to think through coverage needs — minus any coverage or savings you already have. This estimate is for educational purposes and does not represent a recommendation or insurance quote.

Your Numbers

Annual income to replace ($) Years of income replacement desired Remaining mortgage ($) Other debts ($) Future education costs ($) Existing life insurance coverage ($) Savings & investments available ($)

How This Is Calculated

Debt + Mortgage + (Income × Years of replacement) + Future education costs, minus any existing life insurance coverage and savings or investments you could draw on. The result is labeled an Illustrative Coverage Need — a starting point for a conversation, not a quote or underwriting figure.

Assumptions

Income replacement is treated as a flat multiple of years, with no investment growth on the payout factored in.
Inflation, taxes, and changes in expenses over time are not modelled.
Actual coverage amounts, premiums, eligibility, and payout terms depend on the insurer, product, underwriting, and your individual circumstances.

This estimate is for educational purposes and does not represent a recommendation or insurance quote. Speak with a qualified advisor before making insurance decisions.

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Discuss Your Financial Protection Needs

A short, no-pressure conversation can help you see where coverage gaps actually are.

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