Free Life Insurance Needs Calculator
Estimate how much life insurance coverage you may need, using the DIME method — debt, income replacement, mortgage, and education.
A general planning estimate, not financial or insurance advice.
Frequently Asked Questions
What is the DIME method?
DIME stands for Debt, Income, Mortgage, and Education — a common rule-of-thumb that adds up your non-mortgage debts, several years of income replacement, your remaining mortgage balance, and future education costs to estimate a coverage target.
Why replace multiple years of income?
It gives your dependents time to adjust financially without an immediate income gap. Common guidance ranges from 5 to 10 years, or until children are financially independent — adjust to fit your situation.
Should I subtract my existing savings and coverage?
Yes — any life insurance you already have, plus liquid savings and investments, reduce how much additional coverage you'd need to meet the same target.
Is DIME the only way to estimate life insurance needs?
No — it's one common rule of thumb among several (human life value and detailed needs-based analysis are others). A licensed insurance agent or financial advisor can run a more detailed analysis specific to your situation.
Is this financial or insurance advice?
No — this is a general planning estimate, not financial or insurance advice. Talk to a licensed insurance professional before choosing a policy or coverage amount.