Guide
How much life insurance do you need?
Our calculator walks through the reasoning: how many years of income to replace, debts to cover, education funding to set aside, and what you've already built up in resources.
The standard approach is to calculate your income if you were to live to retirement, add your outstanding debts, add an education allowance for children, and subtract what you already have in savings or group coverage. The math doesn't need to be exact—insurance amounts are purchased in even numbers, and the goal is a total that would support your household through the critical years.
Coverage estimate
Estimate = annual income × years before retirement + total debts + education funding − existing resources, rounded to a round number like $250,000 or $500,000. This is just a starting framework, not professional guidance.
Why those inputs
Income years. Financial advisors commonly recommend replacing 10 to 20 years of income; the best number for your household depends on how long your dependents would actually need income support. Families with young children in Costa Mesa frequently opt for the longer range because the combined costs of childcare, housing, and education are at their peak during this period.
Debts. For most families, the mortgage is the single largest debt. Coverage sufficient to pay off your mortgage allows your family the freedom to decide on their own living situation rather than being forced by money pressures.
Education. Set aside a reasonable amount per child based on today's dollars. It's more practical to account for education costs now rather than trying to buy additional coverage later.
What you have. Include money saved up that you could use, and any group life coverage through your job. Group plans typically end when employment ends, so many people only count a portion of their group benefit as a permanent resource.
After you've settled on a target amount, use the quote tool to see the monthly cost from each carrier for 10, 15, 20, 25, and 30-year terms. It's typical for people to choose slightly higher coverage than their initial estimate because the extra monthly cost is modest when you're younger.