Guide
How much life insurance do you need?
A worksheet and explanation: what income years means, how to think about debts, education funding, and assets you already have.
Add up what your future income would cover, then subtract what you've already set aside. The difference is your coverage gap.
Coverage estimate
Income × Years + Debts + Education − What You Have = Target Coverage Amount (round to the nearest $5,000).
Why those inputs
Income years. Most advisors suggest ten to twenty years; the best number depends on how long your dependents will need support. Monterey Park households with young kids often pick the longer range because housing, childcare and school costs overlap.
Debts. Most families have a mortgage. If something happened to your income, enough coverage to pay it off would ease that pressure significantly.
Education. Budgeting for college now and building it into your policy is simpler than adding coverage later.
What you have. Existing savings and group insurance through an employer both count. Since group coverage usually ends when employment does, many people rely on only part of it.
Once you know the amount, head to the quote tool to see prices for 10-, 15-, 20-, 25- and 30-year terms.