Guide
How much life insurance do you need?
A calculator and the thinking behind it: income years, debts, schooling, and what you already have set aside.
The most straightforward approach is adding what your salary would have covered and subtracting what's already set aside. It's not precise, and it doesn't need to be: term coverage comes in round numbers, and the goal is an amount that keeps your family stable through the years that matter.
Coverage estimate
Formula = salary × years + debts + schooling − savings and existing coverage, rounded to the nearest $5,000. It's just a starting point, not a recommendation.
Why those inputs
Years of income. Most financial planners suggest ten to twenty years worth; the right number depends on how long dependents need support. Families with young kids in the Murrieta area often choose longer terms because childcare, housing and school expenses tend to be highest at the same time.
Debts. A mortgage is typically the largest one. Coverage large enough to pay it off gives your family the choice to stay or move without money forcing the decision.
Schooling. A rough amount per child, in today's dollars. It's simpler to include it now than to apply for another policy later.
What you've set aside. Cash in savings or investments, and group coverage through your job. Group coverage usually ends when you leave that job, so many people count only part of it.
Once you have a number in mind, the quote tool shows you what that amount costs for 10 to 30 years, comparing all carriers. Buying slightly more than you estimated is common since the monthly cost difference is small when you're younger.