Guide
How much life insurance do you need?
A tool to calculate your coverage need based on years of income, debts, education costs, and existing coverage.
Most people total what their income would have provided and subtract existing coverage. Precision is unnecessary—coverage comes in round numbers and the objective is stability during critical years.
Coverage estimate
Multiply annual income by years to cover, add debts and education costs, subtract any coverage you already own. Round to the nearest $5,000. This is a starting estimate, not guidance.
Why those inputs
Income years. Ten to twenty years is the common range advisors suggest. The right choice depends on how long dependents would need your income. Torrance families with young children often pick the longer duration because childcare, housing, and schooling costs overlap.
Debts. The mortgage is typically the biggest debt. Insurance that pays it off allows your family to choose their next move without financial pressure.
Education. Include an estimate per child in today's dollars. Adding it now is simpler than buying more coverage later.
What you have. Existing savings and employer group coverage both reduce the new amount you need. Remember group coverage typically disappears when employment ends.
Once you have your coverage target, the quote tool displays monthly costs for 10 to 30-year terms from every carrier. Many people purchase slightly above their estimate because monthly costs increase gradually with higher amounts at younger ages.