Life & Family Tools · 2026
Life Insurance Needs Calculator (DIME Method)
Enter your debt, income, mortgage, and future education costs to see an estimated coverage gap — a widely used starting point for deciding how much term life insurance to consider, not a quote or recommendation.
Figures shown are illustrative ranges for education only — not a quote and not guaranteed values. Actual life insurance premiums and benefit amounts depend on underwriting, health history, age, and the specific carrier and policy you select. Speak with a licensed agent for numbers specific to you.
Questions, answered
What does DIME stand for?
Debt, Income, Mortgage, Education — the four categories this calculator adds together to estimate a gross coverage need, then subtracts any existing life insurance and savings you already have earmarked for this purpose.
Is the DIME number my final coverage amount?
No. It's an estimate for education only, not a recommendation or quote. DIME doesn't account for taxes, inflation, or goals specific to your family. A licensed advisor can refine this against your actual budget and circumstances.
How many years of income should I replace?
There's no single right answer — many families use 5 to 15 years, often tied to how long dependents will need support (for example, until children finish school). Choose the number of years that matches your own situation.
Should I include my mortgage in the debt field too?
No — the calculator has a separate mortgage balance field so it isn't double-counted. The debt field is for non-mortgage debt like credit cards, auto loans, and personal loans.
What's the difference between this and the Human Life Value method?
DIME nets specific obligations against your existing coverage and savings. The Human Life Value method instead estimates the total economic value of your future earnings. Both are legitimate starting points — see our Human Life Value Estimator to compare.
Want help turning this into a real policy?
A local licensed advisor can compare carriers for your health profile and find the right amount at the right price — free, no pressure. Also try the Human Life Value Estimator for a second way to frame your number.