Guide
How much life insurance do you need?
A planning tool with explanations of the elements: years of income replacement, outstanding obligations, schooling costs and existing resources.
Start by totaling what your wages and income would have covered across the years that matter, then subtract funds you've already set aside. It doesn't need to be exact—term policies sell in round numbers, and the goal is enough to stabilize things when people depend on you most.
Coverage estimate
Need = (monthly income × years you want covered) + outstanding debts + education costs − existing savings or coverage, rounding to the nearest $5,000. It's a starting framework, not professional advice.
Why those inputs
Length of income support. Fifteen to twenty years is what most families select; the correct length reflects how long dependents will require help. In Victorville, households with young kids frequently go with twenty or thirty years because costs for childcare, housing and schools pile on together.
Loans and mortgages. Most families' biggest obligation is a mortgage. Having coverage that would pay it off gives survivors the choice of staying put rather than having finances make the choice for them.
Education funds. Include an approximate amount per child, estimated in current dollars. Building it in now is easier than buying extra coverage later.
Existing resources. Money put aside that could cover costs, and life coverage via your employer. Employer coverage generally vanishes when employment ends, so lots of people count less than the full amount.
Once you settle on a dollar amount, use the quote tool to compare costs across carriers for terms from 10 to 30 years. Going higher than your estimate typically doesn't cost much extra at younger ages.