Free calculators to find the right coverage amount — using income replacement, the DIME method, and policy gap analysis. No agent, no sales pitch.
How many years of income does your family need if you're gone?
Debt + Income + Mortgage + Education — the most thorough approach.
Compare 20-year total cost of term vs. whole life for the same coverage amount.
Find out if your existing coverage is enough — or how far short you are.
See how long a death benefit lasts at different monthly withdrawal rates.
Income Replacement is the fastest of the four — it converts your current income into a lump sum sized to generate that income for a set number of years, discounted at an assumed rate of return. It's a reasonable starting point when your family's main financial risk is losing your paycheck, but on its own it doesn't separately price out a mortgage payoff, existing debt, or future education costs.
DIME (Debt, Income, Mortgage, Education) is more thorough because it prices each of those four obligations individually and adds them together, rather than folding everything into a single income multiple. It typically produces a higher coverage figure than Income Replacement alone and is the method most often suggested for families with a mortgage and children who haven't finished school.
Term vs. Whole doesn't calculate a coverage amount at all — it estimates the cost difference between buying the same death benefit as level term insurance versus permanent (whole) life insurance. Term is generally far less expensive per dollar of coverage because it doesn't build cash value and only pays out if death occurs within the policy term; whole life costs more because part of the premium funds a savings component and the insurer is committing to eventually pay a claim rather than only within a defined window.
Coverage Gap doesn't estimate a need at all — it assumes you already have a target figure (from Income Replacement or DIME) and subtracts every policy you currently hold, including employer group coverage, spouse-owned policies, and older individual policies, to show exactly how much additional insurance, if any, is worth considering. Running it periodically matters because both sides of that equation move over time: your coverage need changes with income, debt, and family size, and your existing coverage changes with job changes, policy expirations, and new purchases.
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Compare income replacement, DIME, and gap analysis — get the most accurate picture.
We're a calculator site, not an insurance agency. Use these tools and make your own decision.
The four most common methods for calculating the right coverage amount — and which fits your situation.
Read More →A straightforward comparison — costs, benefits, and who should consider each type.
Read More →Why Debt + Income + Mortgage + Education gives you a more complete picture than simple income replacement.
Read More →