Protection PlanningLife Insurance Needs Estimator

Life Insurance Coverage Calculator

Estimate coverage using three complementary methods: Rule of Thumb, DIME (Debt + Income + Mortgage + Education), and Human Life Value (present value of future income).

Inputs

Annual Income

Years to Replace Income

Debts (non-mortgage)

Mortgage Balance

Children’s Education Goal

Final Expenses

Existing Savings/Investments

Existing Life Insurance

Discount / Return (annual %)

Income Growth / Inflation (annual %)

Rule-of-Thumb Multiple

Suggested Coverage

$2,660,000.00

We compute three methods and recommend the highest net amount (after subtracting your existing savings and coverage).

Rule of Thumb

$1,435,000.00

10 income + mortgage + education + final − existing

DIME Method

$2,660,000.00

Debt + income×years + mortgage + education + final − existing

Human Life Value

$2,095,628.95

PV(income, r,g,years) + liabilities/goals − existing

Notes

Rule of Thumb: Many consumer sources reference ~10× income (some suggest 10–15×) as a quick starting point; DIME and HLV tailor this to your specifics.

DIME: Adds up immediate needs and income replacement years. It’s simple, but doesn’t discount future cash flows.

HLV: Estimates the present value of your future earnings with growth (g) and a discount/return (r). This captures time value more realistically.

Consider reviewing coverage after major life events (marriage, home purchase, children) and at least annually.

Educational use only; not financial advice. For personalized guidance, consult a licensed professional.