Calculate Your Life Insurance Needs

Don’t leave your loved ones with financial burdens. The DIME Method helps you determine the right life insurance coverage. Get a Quote Today!

Life Insurance Planning for everyone!

How much life insurance do I need? This can be a complex question, but the DIME method is a straightforward approach to get you started. It takes into account four key factors that impact your loved ones’ financial security in your absence:

Debt: Add up all your existing debts, excluding your mortgage. Consider credit card debt, student loans, and any other outstanding balances that would become a burden.

Income: Determine your annual income and estimate how many years your loved ones would rely on it. For instance, if your spouse and children depend on your $50,000 annual income for the next 15 years, you would need $750,000 in coverage (50,000 * 15).

Mortgage: If you want your surviving family members to keep the family home, consider the remaining mortgage balance. Add this amount to the total life insurance protection you purchase.

Education: Education costs can be significant. Estimate how much it would cost to provide a proper education for your children, and add this to the death benefit.

By combining these four components (debt, income, mortgage, and education), you can determine the exact total amount of life insurance necessary to fulfill all financial obligations. The DIME method helps ensure that your loved ones are adequately protected financially in the event of your passing.

Fill in the blanks to estimate your life insurance needs:

How much Debt: $_____

How much Income: $_____

How much owed on mortgage: $_____

How much education cost: $_____

Total amount of life insurance: $_____

Remember: This is just an initial estimate. Consulting with a financial advisor can help you determine the most suitable life insurance coverage for your specific needs.