Guide
How much life insurance do you need?
A tool to calculate what you might need, plus the reasoning: income years, debts, education, and existing coverage.
The standard approach is to add up your income for as many years as your family would need it, then subtract debts and add in education costs, minus what you already have. It's approximate and doesn't need precision: term policies come in round numbers, and the goal is a number that would keep your household steady through the critical years.
Coverage estimate
Rough figure: income × years of support needed + debt obligations + education funding − savings and group coverage you already have, rounded to the nearest $5,000. It's a starting point.
Why those inputs
Years of income replacement. The common range is ten to twenty years, though what works for your family depends on how long dependents need support. Many Compton households with young children pick the longer range since childcare, housing, and education costs happen together during those years.
Existing debts. Mortgages are the biggest for most families. If your life insurance payout would clear it, survivors can choose their path forward instead of being forced by finances.
Education. A general amount per child in today's dollars. It's easier to include now than to buy a separate policy later.
Existing coverage. Bank savings that would be available, and group policies from your job. Group coverage usually disappears when employment ends, so many people count only part of it in their planning.
Once you have a target amount, the quote tool shows the monthly cost from each carrier for 10 to 30 years of coverage. Many families buy a bit more than their calculation suggests, because the monthly cost difference is often small when you're younger.