Free · No sign-up · California
How much life insurance do I need?
Estimate your coverage need in a minute with the DIME method: Debt, Income, Mortgage and Education, minus the coverage and savings you already have.
- Rounded amount to discuss
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- Debt and final expenses
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- Income replacement
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- Mortgage payoff
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- Education
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- Total need before resources
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- Minus existing coverage and savings
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Educational estimate only. Not a quote, an offer of insurance, or financial, tax or legal advice. Coverage is subject to underwriting and carrier approval. Jay Romero, CA Insurance License #0C93169 · DRE 01343079.
Talk to Jay about coverage
How to use it
- Add debts other than your mortgage, like car loans, credit cards and student loans, plus an estimate for final expenses.
- Enter the yearly income your family would need to replace and for how many years.
- Enter your mortgage balance. Use your payoff amount if you know it.
- Add the number of children and an education fund for each, then subtract existing life insurance and savings.
What the results mean
- Estimated coverage need: Your DIME total minus existing life insurance and savings you would want your family to use.
- Rounded amount to discuss: Policies are usually sold in round amounts, so this rounds up to the nearest $50,000.
- Breakdown: See how much of the need comes from debt, income, the mortgage and education, so you can decide what matters most.
Which type of coverage fits?
Once you have a number, compare the ways to cover it: Term Life Insurance, Whole Life Insurance, Mortgage Protection Life Insurance, Final Expense Insurance, Life Insurance for Business Owners & Investors, Living Benefits & Indexed Universal Life (IUL), or start at the life insurance overview.
Frequently asked questions
What is the DIME method for life insurance?
DIME stands for Debt, Income, Mortgage and Education. You add those needs together, then subtract existing coverage and savings, to estimate how much life insurance your family may need.
How many years of income should I replace?
Many families choose enough years to get the youngest child through school or to reach retirement age for a surviving spouse. Ten years is a common starting point; adjust it to your situation.
Should I count life insurance from work?
You can, but group coverage often ends if you change jobs or retire. Some people count only part of it, or none, to be safe.
Is this calculator a quote?
No. It is an educational estimate only. Your actual coverage, price and approval depend on underwriting and the carrier. Talk to Jay for real options.
Talk to Jay
Questions about your number? Call or text Jay Romero, licensed California life agent, at (949) 822-8702, or use the form above and your numbers come along automatically.
Jay Romero, CA Insurance License #0C93169 · DRE 01343079
Coverage is subject to underwriting and carrier approval. Policies are offered through Jay Romero’s licensed carrier appointments, including Farmers New World Life Insurance Company. Product features, riders and availability vary by carrier and state. This page is general information, not a quote, a contract of insurance, or tax, legal or investment advice.
