Guide
How much life insurance do you need?
A tool and the thinking behind it: how many years of income your family needs, what debts to account for, education funds to reserve, and what coverage you already own.
A typical approach: calculate what your income supports during the years your dependents need it, then subtract existing assets and coverage you already have. It doesn't need to be exact—term coverage comes in round-number increments anyway—and the goal is enough to stabilize your household through the critical years.
Coverage estimate
One formula: (annual income × years of need) + major debts + education costs − existing savings and group coverage, rounded to $5,000. This is a starting point for thinking, not personal financial advice.
Why those inputs
Income years. Financial advisors typically recommend covering 10 to 20 years of earnings, though the right choice depends on your family's needs and when they'll be independent. Parents in Culver City with young kids commonly select 20 or more years since childcare, rent or mortgage, and school expenses are highest during that span.
Debts. For most households, a mortgage is the biggest. Including enough coverage to pay it off gives your family the choice to stay in the home without worrying about whether they can afford the monthly payment.
Education. Estimate a rough amount per child in today's dollars for college or trade school. Adding it now to your base coverage is simpler than buying extra coverage later.
What you have. Liquid savings your family could use, and group life coverage from your employer. Employer coverage usually ends if you leave the job, so it's often safer to count only a portion of it.
Once you know your coverage goal, the quote tool lets you see prices from carriers for 10, 15, 20, 25, and 30-year terms. Many people buy a bit above their estimate since the extra monthly cost is modest when you're younger.