Life Insurance Needs Calculator: How much do I need?
A clear estimate using the DIME method — Debt, Income, Mortgage, Education — minus the coverage and savings you already have. No sign-up, nothing stored.
How the DIME method works
DIME is a widely used rule of thumb for sizing term life insurance. It adds up what your family would need to stay financially whole if your income disappeared, then subtracts what you've already set aside:
- D — Debt & final expenses: non-mortgage debt plus funeral/estate costs, so no bills land on your family.
- I — Income: your annual income times the years your family would need it (until kids are grown or a spouse retires).
- M — Mortgage: the remaining balance, so the home is paid off.
- E — Education: future college costs for each child.
Recommended coverage = D + I + M + E − existing life insurance − liquid savings.
A quick sanity check
Many planners also suggest coverage of roughly 10–12× your annual income as a starting point. This calculator shows your DIME figure as a multiple of income so you can compare the two.
Term vs. whole life
Most families get the most protection per dollar from level term life insurance covering their working years. For how term and whole life compare, read the plain-English guides at TheInsurance.Guide.