Guide
How much life insurance do you need?
A simple tool and the thinking behind it: how many years of income, what debts exist, education funding, and what's already protected.
A straightforward approach: tally what your income currently provides and subtract any existing coverage already in place. This doesn't need to be exact—term coverage is sold in increments, and the goal is simply a number that would sustain your household during the critical years.
Coverage estimate
Estimate = (annual income × support years) + outstanding debts + education costs − existing coverage, rounded up to $5,000. This is just a starting point, not professional guidance.
Why those inputs
Income years. Most advisors suggest 10 to 20 years worth of income protection; which end of that spectrum fits depends on how long dependents will need your support. Families with younger kids in Danville frequently go with longer terms because costs for childcare, housing, and education stack up simultaneously.
Debts. For most households, the mortgage is the biggest one. Having coverage that would pay it off allows your family to choose their path forward without financial pressure.
Education. Include a basic amount per child, calculated in today's money. Doing this now is much simpler than purchasing additional coverage later.
What you have. Count available savings and group coverage from your employer. Keep in mind that group coverage typically expires if you leave that job, so most people only include a portion of it.
Once you've settled on a coverage amount, the quote tool displays what that amount costs across different terms—10 through 30 years—from all participating carriers. Many people choose amounts slightly higher than their estimate since the monthly cost difference isn't substantial at younger ages.