Is this how much insurance I should buy?

No. The result is labeled an educational estimate based on the DIME inputs you provide. Coverage decisions belong with you and a licensed professional.

Why can the additional need be $0?

If existing coverage and resources you entered already meet or exceed the calculated gross need, additional need displays as $0. That does not mean you need no insurance.

Life Insurance Needs Calculator

Educational estimate

Estimate a coverage figure using a transparent DIME-style framework (Debt, Income replacement, Mortgage, Education), then subtract existing life insurance and other resources you enter. This is an educational estimate — not a personalized insurance recommendation.

Your inputs

Enter DIME components and resources you want counted. Results update as you enter valid values. This is an educational estimate — not a personalized insurance recommendation.

Debts (D)

Non-mortgage debts you want coverage to help pay off (credit cards, personal loans, etc.).

Annual income

Current annual income used for the income-replacement estimate.

Income replacement years (I)

How many years of income to include. Replacement = annual income × years (no discounting).

Mortgage balance (M)

Outstanding mortgage balance you want coverage to address.

Education funding (E)

Amount you want set aside for education goals (e.g. children’s college).

Existing life insurance

Current life insurance face amount that reduces estimated additional need.

Other available resources

Savings, investments, or other resources you explicitly want subtracted from the estimate.

Estimated results

Educational estimate

Estimated additional coverage need

$965,000.00

Gross DIME need minus existing life insurance and other resources you entered. Not a personalized insurance recommendation.

DIME breakdown

Debt (D): $25,000.00
Income replacement (I): $800,000.00
Mortgage (M): $200,000.00
Education (E): $60,000.00
Gross coverage need: $1,085,000.00

Existing life insurance: $100,000.00
Other available resources: $20,000.00

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How this calculation works

Income replacement = annual income × years of replacement (no present-value discounting). Gross coverage need = debts + income replacement + mortgage balance + education funding.

Estimated additional coverage need = gross need − existing life insurance − other financial resources. If that result would be negative, additional need is shown as $0.

Assumptions

DIME-style additive model only.
Figures you enter for debts, mortgage, education, insurance, and resources are treated as complete for your scenario.
Existing insurance and other resources reduce estimated additional need dollar-for-dollar.
A $0 additional need when resources exceed gross need does not mean you require no insurance.

Limitations

Does not invent premiums, product types, medical underwriting, or insurer eligibility.
Does not account for taxes, inflation, investment returns, survivor income, Social Security, employer benefits, final expenses, or special needs.
Not an insurance recommendation or suitability analysis.

Frequently asked questions

Is this how much insurance I should buy?: No. The result is labeled an educational estimate based on the DIME inputs you provide. Coverage decisions belong with you and a licensed professional.
Why can the additional need be $0?: If existing coverage and resources you entered already meet or exceed the calculated gross need, additional need displays as $0. That does not mean you need no insurance.

How to estimate life insurance needs — DIME-style gross need and additional need after resources.
How retirement compound growth is calculated
Methodology

Your inputs

Estimated results

Estimated additional coverage need

How this calculation works

Assumptions

Limitations

Frequently asked questions

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Your inputs

Estimated results

Estimated additional coverage need