Life Insurance Needs Calculator

Calculate your life insurance needs using the comprehensive DIME method (Debt, Income replacement, Mortgage, Education). This calculator helps determine the right coverage amount to protect your family's financial future.

Understanding the DIME Method

Debt

Outstanding debts to pay off

Income

Years of income replacement

Mortgage

Remaining mortgage balance

Education

Children's education costs

Personal Information

D - Outstanding Debts

$
$
$
Total Debt: $0

I - Income Replacement

$
5 years 15 years
50% 100%
Income Replacement Need: $525,000

M - Mortgage Balance

$
Mortgage Coverage: $250,000

E - Education Expenses

$10k $300k
Education Fund Needed: $400,000

Additional Considerations

Additional Expenses

$
$

Existing Assets & Coverage

$
$

Include 401k, IRA, investments that could be liquidated (exclude emergency savings)

Recommended Life Insurance Coverage

$1,040,000

Based on comprehensive DIME analysis

DIME Breakdown

Coverage Breakdown

Outstanding Debts $0
Income Replacement $525,000
Mortgage Balance $250,000
Education Fund $200,000
Additional Expenses $65,000
Subtotal $1,040,000
Existing Coverage & Assets -$0
Net Coverage Needed $1,040,000

Policy Type Recommendations

Term Life Insurance

Most cost-effective for temporary needs during working years

Recommended term: 30 years
Permanent Life Insurance

Consider for estate planning and permanent needs

Portion of coverage: 20-30% for permanent needs

Next Steps

  • Review your current life insurance policies
  • Get quotes from multiple insurance providers
  • Consider both term and permanent insurance options
  • Update beneficiary information on all policies
  • Review and update coverage annually

Ready to Secure Your Family's Future?

Let our experts help you find the right life insurance coverage at the best rates.

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Disclaimer: This calculator provides estimates based on the information you provide. Actual insurance needs may vary based on your complete financial picture and personal goals. Contact us for a personalized consultation and accurate quotes tailored to your specific situation.