Guide
How much life insurance do you need?
A tool that walks through the logic: how many years to cover, what debts matter, education funding, and existing resources.
The basic formula: total your income for the years your family needs support, add major debts, add education costs, then subtract savings and group coverage. Round to the nearest $5,000. Precision isn't the point; the goal is enough to keep your household on track during the critical years.
Coverage estimate
Use this formula as a starting point: (annual income × years needed) + debts + education goals − existing savings and group coverage. Round up to $5,000. This is an estimate, not professional financial advice.
Why those inputs
Income years. Most advisors suggest ten to twenty years of income replacement; your choice depends on when your dependents would need support. Families with young children in Mission Viejo often pick the longer range because housing, childcare, and school costs bunch together.
Debts. For most families, the mortgage is the biggest one. Life insurance large enough to pay it off gives your household freedom to stay in the home or move without money dictating the choice.
Education. Set aside a per-child amount in current dollars. It's simpler to build it into one policy now than to add coverage later.
What you have. Savings available for emergencies, and any group life coverage from your employer. Keep in mind that group coverage disappears if you leave the job, so don't count all of it.
Once you've calculated a target amount, head to the quote tool to see what carriers charge for that coverage across 10, 15, 20, 25, or 30 years. It's common for people to increase the estimate slightly, since the monthly cost difference is often modest in younger years.