Life Insurance Needs Calculator

Answer eight quick questions and see a DIME-method estimate of how much life insurance would keep your family on solid ground — everything stays in your browser.

📖 How it works & FAQ

Debts & final expenses ($)

Annual income ($)

Years of income to replace

Mortgage balance ($)

Children needing education

Education cost per child ($)

Existing life insurance ($)

Savings & investments ($)

What the DIME method is

DIME is a quick, widely used way to size a life insurance policy. It adds four numbers: Debt (loans, credit cards, and final expenses), Income replacement (your annual income multiplied by the number of years your family would need it), Mortgage (the remaining balance, so the house can be paid off outright), and Education (future school or college costs for each child). This calculator then subtracts what you already have — existing life insurance and savings or investments — to show the coverage gap you might want a new policy to fill. Everything runs in your browser; nothing you type is sent anywhere.

Choosing sensible inputs

Ten years of income replacement is a common starting point, but pick what fits your family: fewer years if your partner earns well, more if you have young children or a single income. For education, $100,000 per child is a rough public-university figure — raise it for private school plans or lower it if college is already funded. Include funeral and final expenses (often $10,000–$15,000) in the debt field. All results are estimates only, not financial, insurance, or legal advice — confirm your needs with a licensed professional before buying a policy.

How to use it

Enter your non-mortgage debts plus expected final expenses.
Type your annual income and how many years your family would need it replaced.
Add your current mortgage balance and, for each child, an education budget.
Enter any life insurance you already have and your liquid savings.
Read the recommended coverage — it updates instantly as you adjust any number.

FAQ

Should I count employer-provided life insurance as existing coverage?: Be cautious. Group coverage usually ends when you change jobs, so many planners only count it partially — or not at all — when sizing a personal policy.
Why does DIME give a bigger number than "10x income"?: The simple income-multiple rule ignores your actual debts, mortgage, and education goals. DIME builds the number from your real obligations, so it is often higher for homeowners with kids.
Does the result account for inflation or investment growth?: No — DIME is deliberately simple and treats every dollar at today's value. Growth on the payout and inflation roughly offset each other over time, but a detailed plan would model both.
Is my information stored anywhere?: No. The math runs entirely on your device and nothing is saved or transmitted.