Term Life Insurance Calculator
Calculate how much life insurance coverage you need
Frequently Asked Questions
DIME stands for Debt, Income, Mortgage, Education. You add up: all non-mortgage debt + (years of income replacement × annual income) + remaining mortgage balance + estimated future education costs for your children. It's one of the most widely used methods financial advisors use to size a policy.
A simpler rule of thumb: buy coverage equal to 10-15× your annual income. It's less precise than DIME since it doesn't account for your specific debts or dependents, but it's a fast starting estimate.
This tool tells you how much coverage to buy, not what it costs. Insurance premiums depend on your age, health, and the insurer's underwriting, so always get quotes from a licensed insurer or broker for actual pricing.
Yes — this calculator already includes a field for existing savings/investments and existing life insurance coverage, both of which reduce the new coverage you need to buy.