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Life Insurance Needs Calculator
"How much life insurance do I need?" is the most-asked question in this business. Here's the honest way to answer it: add up what your family would need, subtract what you already have, and look at what's left.
Your numbers
This calculator provides rough educational estimates only — it is not a quote, a recommendation, or financial advice. Actual premiums, penalties, and costs depend on your situation, carrier, and plan year. For a real comparison, call us at 208-350-9933.
How This Estimate Works
This calculator uses the "DIME-plus" approach that agents and financial planners have leaned on for decades: Debt, Income, Mortgage, and Education, plus final expenses. The idea is simple — if you weren't here tomorrow, what bills would keep showing up, and for how long?
Income replacement is usually the biggest piece. Ten years of a $60,000 income is $600,000 all by itself — which is why the old "10x your income" rule of thumb exists. Then the calculator adds the mortgage (so your family keeps the house without the payment), other debts, any education goals, and roughly $15,000 of final expenses. Finally it subtracts coverage and savings you already have, because life insurance should fill the gap, not duplicate it.
What it can't do is know your life. Maybe your spouse earns well and needs fewer years of replacement. Maybe you want college fully funded for three kids. That's the conversation part — and it's what a term or whole life comparison with an independent agent is for. If your main goal is simply covering funeral costs, our final expense insurance guide (and the final expense estimator) may fit better.
Questions we hear a lot
Life Insurance Needs FAQ
How much life insurance do most people need?
A common rule of thumb is roughly 10 times your annual income, but the honest answer is: enough to replace your income for the years your family depends on it, pay off the mortgage and debts, cover education goals and final expenses, minus the savings and coverage you already have. That's exactly what this calculator adds up.
Is term or whole life insurance better for covering these needs?
For most families, term life covers a large need (like income replacement and a mortgage) at the lowest cost for a set period — say 20 or 30 years. Whole life costs more but lasts your whole life, which suits smaller permanent needs like final expenses. Many people mix both. An independent agent can compare quotes across carriers for either — start on our life insurance page.
Should I count my employer's group life insurance?
Yes — enter it in the existing coverage field. Just remember employer coverage usually ends when the job does and is often only 1–2 times salary. Most advisors suggest not relying on it as your only coverage.
Does this calculator give me an actual life insurance quote?
No. It estimates how much coverage your family might need — not what a policy costs. Actual premiums depend on your age, health, tobacco use, coverage amount, term length, and carrier. Personal Touch Ins. & Benefits compares real quotes from multiple carriers licensed in Idaho at no cost — call 208-350-9933.
Do both spouses need life insurance?
Usually yes, even if one doesn't earn a paycheck. A stay-at-home parent provides childcare and household work that would cost real money to replace. Run the calculator once per person, adjusting income replacement to reflect what each person contributes.
Got Your Number? Let's Make It Real.
CarrieAnne and the team compare term and whole life quotes from multiple Idaho carriers — including Mutual of Omaha and Physicians Mutual — so the coverage fits your number and your budget. No pressure, no obligation.