Life Insurance Calculator

Calculate how much life insurance coverage you need using three proven methods: the DIME formula, income replacement, or expense-based approach. Get a recommended coverage amount and premium estimate.

Total Debt (excl. mortgage) ($)

Annual Income ($)

Years of Income to Replace

Mortgage Balance ($)

Education Cost per Child ($)

Number of Children

Existing Coverage ($)

Your Age (for premium estimate)

How the DIME Method Works

Coverage = Debt + Income + Mortgage + Education

Income = Years × Annual Income | Education = Per Child × Children

The DIME method is widely recommended by financial planners because it accounts for all major financial obligations your family would face. Premium estimates use age-based actuarial heuristics ($0.06–$0.10 per $1,000 of coverage per month).

How to Use This Calculator

1

Choose a Method

Select DIME (most comprehensive), Income Replacement (quick estimate), or Expense Method (detailed spending-based).
2

Enter Your Financials

Fill in debts, income, mortgage balance, and education costs. Be as accurate as possible for the best estimate.
3

Add Existing Coverage

Enter any life insurance you already have through work or private policies. This determines your coverage gap.
4

Review Your Results

See recommended coverage, estimated monthly premium, and coverage gap. Use these figures when shopping for policies.