Guide
How much life insurance do you need?
An interactive estimator plus explanations for the four main pieces: income duration, financial obligations, education reserves, and existing protections.
The typical calculation is to combine everything your salary supports and subtract existing coverage. Perfect accuracy isn't necessary, and term insurance comes in set amounts anyway; the goal is a reasonable amount to stabilize your household through the key years.
Coverage estimate
Calculation: salary × years needed + debts + schooling costs − existing coverage, rounded up to $5,000 increments. Use as a reference point only, not as individualized guidance.
Why those inputs
Years of income. Financial planners often recommend ten to twenty years; your situation determines what's right based on how long dependents need protection. Morgan Hill households with small children frequently select the higher range since housing payments, child supervision, and school expenses concentrate in this period.
Outstanding balances. The home loan is typically the biggest. Carrying coverage that eliminates it leaves survivors with flexibility rather than forcing them to act based on cash requirements.
Schooling costs. A ballpark contribution per child, in current dollars. Including this amount initially is simpler than obtaining supplemental coverage later.
Existing protections. Bank savings available for emergencies, and life coverage through your workplace. Keep in mind that job-based coverage usually stops when you leave the company, so a portion of it may not count toward your total.
Once you settle on an amount, use the quote tool to see pricing for 10- through 30-year periods from all carriers. Opting for somewhat more coverage than your minimum estimate is widespread because costs per month are minimal when you're younger.