Calculate how much life insurance you need using the DIME method. Compare term vs whole life premiums by age. Free life insurance calculator, no signup.
A 31-year-old father in Ohio just had his first child and has a $50,000 employer life insurance policy — which feels significant but he is not sure if it is enough.
Result: DIME method shows he needs $1.2M coverage — employer policy covers only 4%. He buys $1.1M 20-year term for $38/month.
A couple in Texas just married and both work — wondering if they each need life insurance or if one policy is enough.
Result: Calculator shows each spouse needs separate coverage based on their own income and shared mortgage — they each buy 20-year term policies.
A small business owner in Florida with 2 employees wants to know if she needs personal life insurance separate from her business key-person policy.
Result: Calculator shows personal needs of $890,000 separate from business coverage — she adds a personal term policy immediately.
The DIME method calculates: Debt + Income replacement (10x salary) + Mortgage balance + Education costs. A simpler rule: 10-12x your annual income. Our calculator uses DIME for a more accurate estimate.
Term life covers a set period (10-30 years) at lower cost. Whole life is permanent with a cash value component but costs 5-15x more. For most people, term life is the better financial choice.
A healthy 30-year-old can get $500,000 of 20-year term life insurance for $20-$30/month. Rates increase with age, health conditions, and coverage amount. Our tool shows estimate ranges by age group.
Buy life insurance when you have dependents (spouse, children, aging parents) or significant debt. The younger and healthier you are, the cheaper your premiums. Waiting 10 years can double the cost.
Typically your spouse first, then children as contingent beneficiaries. Consider naming a trust if children are minors. Keep beneficiaries updated after major life events like marriage, divorce, or having children.
Most policies cover all causes of death including illness, accidents, and suicide (after a 2-year contestability period). Exceptions include fraud, illegal activity, or specific exclusions in your policy. Always read your policy terms carefully.