Guide
How much life insurance do you need?
Learn to estimate and understand your number: income replacement, outstanding debts, schooling expenses, and assets you already have in place.
A common calculation is to tally what your income would support, then subtract existing coverage. The result won't be exact, and precision isn't the goal: people buy coverage in round dollar amounts, selecting a total that will sustain their household through critical years.
Coverage estimate
Estimate = (income × years) + debts + education costs − existing coverage, rounded to $5,000. Think of this as a starting framework, not professional guidance.
Why those inputs
Income years. Most financial advisors point to ten to twenty years as a working range; your specific number relies on how long your family will require support. Families in Hawthorne with younger children frequently pick the upper end since childcare, rent or mortgage, and school costs are most expensive during the same period.
Debts. A home loan is usually the biggest obligation. If your coverage would eliminate this debt, your family can make choices about their living situation instead of being locked in by financial pressure.
Education. Set aside an estimate for college or training per child, calculated in current-year dollars. It's simpler to account for this now rather than buying additional coverage later.
What you have. Money in the bank that could be applied, and coverage from your employer. Work-provided insurance typically ends when employment ends, so a lot of people only rely on part of what's listed.
Once you've settled on a coverage amount, use the quote tool to compare what it'll cost per month over 10, 15, 20, 25, or 30 years across all available carriers. It's typical to select coverage slightly higher than your estimate because the monthly cost difference is negligible for younger applicants.