Guide
How much life insurance do you need?
Find a calculator here along with the logic that guides it: income years, debts, education costs, and what you've already set aside.
A straightforward method: sum up what your income supports, then subtract savings, group coverage, and other resources already available. Precision is not required. Coverage amounts are bought in round numbers. Your goal is an amount that would let your household maintain stability through the years that depend on your income.
Coverage estimate
Calculation: (annual income × years needed) + debts + education costs − savings and existing coverage, rounded to the nearest $5,000. This is a starting estimate, not financial advice.
Why those inputs
Income years. Ten to twenty years of income is the range most planners use; the right number depends on how long your dependents would need support. A Hayward household with young children often chooses the longer range because childcare, housing, and education expenses cluster together in the same years.
Debts. A mortgage represents the biggest debt for most households. Coverage sufficient to pay it off frees your survivors from the pressure to sell or move out of financial necessity.
Education. Include a rough per-child amount in today's dollars. Adding it now is simpler than opening another policy later.
What you have. Savings you could use, and group life through your employer. Group coverage typically stops when you leave the job, so many people count only a portion of it.
Once you have a target amount in mind, run it through the quote tool to see 10- to 30-year costs from multiple carriers. Many people buy slightly above their estimate because the extra monthly cost is modest during younger years.