Guide
How much life insurance do you need?
A tool for calculating your coverage needs plus the thinking that goes into each component: income years, debts, education and assets you already have.
Add up what your income provides for and subtract amounts already covered elsewhere. This method isn't exact, and doesn't need to be: you'll buy term in round figures anyway, and the goal is simply to keep your family secure through the critical years.
Coverage estimate
Estimate = income × years + debts + education − what you already have, rounded to the nearest $5,000. This is a starting calculation, not professional guidance.
Why those inputs
Income years. Most advisors point to 10 to 20 years; the right span for you depends on how long dependents would need that income. In Perris, households with young children often pick the longer range because the costs of childcare, housing and education happen all at once.
Debts. For most families, a mortgage is the biggest. A policy amount that pays off the mortgage gives survivors the choice to stay or move without financial pressure.
Education. Set aside a reasonable amount per child in current dollars. Including it in your coverage now avoids needing a second policy down the road.
What you already have. Bank savings available for emergencies, and group insurance through an employer. Bear in mind that group coverage ends when employment does, so many people count only part of it toward their total protection.
Once you have a target, use the quote tool to see the monthly cost for 10, 15, 20, 25 or 30 years across all carriers. It's typical to choose more coverage than your calculation shows because the extra monthly cost is usually small when you're young.