Insurance Needs Calculator
DIME Method - takes about 2 minutes
The DIME method (Debt + Income + Mortgage + Education) is the gold standard for calculating exactly how much life insurance your family needs. Answer 4 quick sections to get your personalized number.
💼 Income Replacement
How much income does your family need to maintain their lifestyle if you were gone?
Your gross annual salary or self-employment income
Typically 10-20 years, or until your youngest child is independent
Their income reduces the gap your insurance needs to fill
Income Component: $0 - This is the present value of the income gap your family would face.
Calculator FAQ
How much life insurance do I need?
Most financial advisors recommend 10-12x your annual income as a starting point. The DIME method (Debt, Income, Mortgage, Education) provides a more precise estimate by accounting for all your financial obligations.
What is the DIME method for life insurance?
DIME stands for Debt, Income, Mortgage, Education. You add up all your debts, multiply your income by the years your family needs support, add your mortgage balance, and add estimated education costs for children. The total is your gross life insurance need.
Should I subtract my savings from my life insurance need?
Yes. Your existing savings, investments, and any current life insurance coverage reduce the amount of new coverage you need. This calculator automatically subtracts those assets from your gross need.