Guide
How much life insurance do you need?
A worksheet and explanation of each component: how many income years, what debts matter, costs for education, and what you already own.
The basic approach: add everything your income would cover and subtract existing resources. Not a precise calculation, and it doesn't have to be—term policies are written in round numbers anyway, and the objective is to find a realistic amount that would maintain household stability during critical years.
Coverage estimate
Formula: income × years + other obligations + education costs − existing resources, rounded to the closest $5,000. It's an estimate, not professional guidance.
Why those inputs
Income years. Ten to twenty years of income serves as the span most advisors suggest; your right timeframe hinges on how far out your dependents would need income support. Families in the Simi Valley area with young children often lean toward the upper end of that range because school, housing and childcare expenses cluster together during those same years.
Debts. A mortgage typically represents the largest financial obligation for most families. If coverage clears it, survivors can decide about staying in the home without financial pressure forcing the choice.
Education. A rough estimate per child based on today's dollars. It's worth including now rather than adding coverage later.
What you already own. Set aside cash reserves and group insurance through your employer. Note that when employment ends, group coverage ends too, so many people count only a fraction of it.
Once you have a target amount, the quote calculator will show what that amount costs over 10, 15, 20, 25 and 30 years across multiple carriers. Most people choose to buy somewhat more than their minimum estimate because monthly premiums are surprisingly affordable at younger ages.