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Personal Protection · Calculator
Life Insurance Needs Calculator
A starting estimate built on the proven DIME method—Debt, Income, Mortgage, Education—offset by what you already have in place. Update the figures to fit your situation.
Your Situation
Enter approximate amounts. Round numbers are fine—this is an estimate.
Income to Replace
$
Your salary or take-home equivalent.
Often the years until your youngest child is independent or a spouse retires (typically 7–15).
Debts & Final Expenses
$
$
$
Funeral, burial, and related costs (often $10,000–$20,000).
Education for Children
$
2024 4-year cost averages: ~$110k public in-state, ~$240k private.
What You Already Have
$
Include employer-provided group coverage.
$
Savings, brokerage, or other accessible funds—not retirement accounts.
Estimated Coverage Need
$1,485,000
Estimated coverage need: $1,485,000Recommended death benefit, after offsetting existing coverage and liquid assets.
How We Got There
- Income replacement (10 yrs × $100,000)$1,000,000
- Mortgage payoff$300,000
- Other debts$20,000
- Final expenses$15,000
- Education (2 × $100,000)$200,000
- Existing life insurance− $0
- Liquid assets applied− $50,000
Net Need$1,485,000
For estimation purposes only. Results are not insurance quotes or offers of coverage. Final recommendations depend on health, underwriting, carrier appetite, tax situation, and product selection.
About the Method
The DIME Approach, Refined
The DIME framework is a long-standing industry shorthand for sizing a life insurance benefit: Debt, Income replacement, Mortgage, and Education. It's intentionally simple so a household can ballpark what a surviving spouse or partner would actually need to keep life on track. If you're reviewing the mortgage payoff, you can also estimate your home's replacement coverage separately; life insurance and homeowners coverage address different needs.
This calculator extends DIME with two important refinements. First, it adds final expenses—funeral, burial, and settlement costs that are easy to overlook. Second, it offsets the gross need with what you already own: existing group and individual coverage, plus the portion of liquid savings your family could reasonably apply.
What it deliberately does not do: factor in inflation curves, investment returns on the death benefit, Social Security survivor benefits, or the tax treatment of specific products. Those refinements belong in a real conversation, where a thoughtful broker can shape the recommendation around your full picture.
Related calculators
A life insurance estimate is one piece of a broader plan for protecting income and preparing for future care.
The Next Step
Turn this number into the right policy.
Once you have a target benefit, the real work begins—term vs. permanent, riders, conversion privileges, and which carriers will underwrite you most favorably. Bring your estimate; we'll handle the rest.
Schedule a Personal Review