Life Insurance Needs Calculator
Use the DIME method (Debts + Income × 10 + Mortgage + Education) to estimate how much life insurance you need. Ballpark monthly premiums for term vs whole life.
Your situation
Frequently asked questions
What is the DIME method?
DIME stands for Debts, Income (×10), Mortgage, and Education. It's a simple formula popularized by life insurance experts: add up all debts, multiply annual income by 10, add remaining mortgage balance, and add projected college costs for kids. The result is a practical starting point.
Term vs whole life — which should I choose?
Term life is dramatically cheaper because it only pays out if you die during the term (10, 20, or 30 years). Whole life is permanent and has a cash-value component, but costs 3-5× more. For most young families, a large 20-30 year term policy is the better value.
Is this estimate accurate?
Our rate tables are based on industry averages for healthy non-smokers. Your actual rate depends on underwriting factors we can't know: medical history, family health, occupation risk, hobbies (skydiving, etc.), and the specific carrier's pricing. Always get multiple actual quotes.
About the Life Insurance Needs
Use the DIME method (Debts + Income × 10 + Mortgage + Education) to estimate how much life insurance you need. Ballpark monthly premiums for term vs whole life. The tool runs entirely in your browser, so nothing you enter is uploaded or stored.
How to use the Life Insurance Needs
- Your age — your age in years.
- Gender (for rate estimate) — select male or female.
- Do you smoke? — answer it to refine your result.
- Annual household income — enter your annual household income.
- Outstanding debts (credit cards, loans, etc.) — enter your outstanding debts.
- Remaining mortgage balance — enter your remaining mortgage balance.
- Number of kids needing college funds — enter your number of kids needing college funds.
- Existing life insurance coverage — enter your existing life insurance coverage.
- Term length (years) — your term length in years.
Last updated — insurance rates and factors change over time, so always confirm with the current source.
Estimates for general information only, not insurance advice — see our disclaimer.