Guide
How much life insurance do you need?
A tool and the thinking behind it: years of income needed, debts, education costs and existing coverage.
The usual approach: total what your income would protect, then subtract what's already covered. Precision isn't required—term policies come in round amounts—and the objective is a figure keeping the household stable when income is critical.
Coverage estimate
Estimate = income × years + debts + education − current coverage, rounded to the nearest $5,000. It is a starting point, not advice.
Why those inputs
Years of income. Most use 10 to 20 years as their range, but the right choice is how many years dependents would need support. Young-child households in Folsom typically pick the higher end since childcare, housing and schools cost the most then.
Outstanding debts. A mortgage is often the biggest debt for households. Insurance large enough to pay it off gives survivors options instead of forcing them out due to cash needs.
Schooling. A rough amount per child in current dollars. Factoring it in now is simpler than buying additional insurance later.
Current coverage. Liquid savings and group insurance from employment. Group plans often end when employment ends, so counting the full amount is risky.
Once you've settled on an amount, the quote tool displays what each carrier charges for 10 to 30 years. Choosing slightly more than calculated is typical because monthly cost shifts little when younger.