Guide
How much life insurance do you need?
A calculator and the thinking behind it, covering income replacement years, outstanding debts, education costs and existing coverage.
A straightforward way: estimate what your income supports (multiply annual earnings by the number of years you want covered), add major expenses like college, subtract what you already have (savings, group coverage), and round to a neat number. Precision is not the point; the goal is a sum that keeps your household secure during the years that matter most.
Coverage estimate
Formula: (annual income × number of years) + major debts + education costs − existing coverage and savings, rounded to the nearest $5,000. This is a starting point for comparison, not professional financial advice.
Why those inputs
Income replacement years. Financial planners typically recommend replacing between ten and twenty years of income; the right choice depends on how long your dependents would rely on your earnings. Families with young children in San Bernardino often lean toward the longer end, since costs for childcare, housing and education cluster together in those same years.
Outstanding debts. For most households, a mortgage is the biggest one. Life insurance coverage that would pay it off means your family can choose to stay in the home or move without being pressured by monthly payments.
Education funding. Set aside a rough estimate per child in current dollars. It is simpler to account for it now than to buy additional coverage later.
Existing resources. Count savings you could use and any group life insurance from your employer. Keep in mind that group coverage typically ends if you leave the job, so many people budget conservatively with only part of it.
Once you settle on an amount, head to the quote tool to see what different term lengths (10, 15, 20, 25, or 30 years) cost with each carrier. Many people buy slightly more than the number they calculated because the extra monthly cost is modest at younger ages.