Guide
How much life insurance do you need?
A simple calculator and the logic: how many income years to cover, your debts, education funding, and any coverage you already own.
The standard approach is to estimate what your income currently provides, then subtract any coverage already in place. Exact precision is unnecessary here—term coverage comes in round numbers anyway, and the goal is simply to cover the years your household truly depends on that income.
Coverage estimate
Rough formula: (annual income × number of years) + outstanding debts + education goals − existing coverage, rounded to $5,000. This is just a starting point to explore, not financial or insurance advice.
Why those inputs
Income years. The range most planners suggest is ten to twenty years of income, depending on how long your dependents would need support. Many households with young children in Lake Forest lean toward the longer terms because childcare, housing, and schooling costs concentrate in the same years.
Debts. A mortgage is often the biggest for most households. Coverage sufficient to pay it off in full lets the people left behind choose their future without being forced by immediate financial pressure.
Education. Set aside a rough amount per child, in today's dollars. It's simpler to build this in now than to apply for more coverage later.
What you have. Liquid savings available to your family, and any group life coverage through employment. Keep in mind that group coverage typically stops if the person changes jobs, so many households count only a portion of it.
Once you know your target amount, the quote tool lets you see what that figure costs across 10-, 15-, 20-, 25-, and 30-year terms from each carrier. Many people find that buying slightly more than their estimate costs little extra each month when they're young.