How Much Term Life Insurance Do I Really Need?

The Smart Way to Protect Your Family—Without Overpaying

What would happen to your family if you weren’t there to provide for them? Could they pay the mortgage, cover daily bills, or afford college for the kids? Term life insurance is the simplest, most affordable way to guarantee they’re taken care of—but figuring out the right amount can be confusing. Let’s cut through the noise and give you a clear, step-by-step guide to determine exactly how much coverage you need.

Why Term Life Insurance Makes Sense

Unlike complicated whole life policies, term life insurance is straightforward: You pay a low monthly premium for a set period (like 10, 20, or 30 years), and if you pass away during that time, your family gets a tax-free payout. No investment gimmicks, no hidden fees—just reliable protection when they need it most.

How to Calculate Your Ideal Coverage

A common mistake is guessing or picking a random number. Instead, use this simple formula:

1. Income Replacement – Multiply your annual income by 10–12 years (so if you earn $70,000/year, aim for $700,000–$840,000).

   
   

2. Major Debts – Add your mortgage, car loans, and other big debts (e.g., $300,000 mortgage + $20,000 car loan).

   
   

3. Future Expenses – Include college tuition ($100,000 per child) and final expenses (funeral costs, around $10,000–$15,000).

   
   

Example:

• Income replacement: $700,000

  
  

• Debts: $320,000

  
  

• Future costs: $110,000

  
  Total coverage needed: $1,130,000

  
  

The Benefits of Getting It Right

✔ Financial Security – Your family won’t face hardship paying bills or losing their home.
✔ Affordable Premiums – A healthy 35-year-old can get a $500,000 policy for less than $30/month.
✔ Flexible Terms – Match the policy length to your biggest financial obligations (e.g., until the mortgage is paid or the kids graduate).
✔ Peace of Mind – No second-guessing—you’ll know your loved ones are protected.

Don’t Wait—Lock In Your Coverage Now

Life insurance gets more expensive as you age, and health issues can make it harder to qualify. The best time to secure a policy is today—while you’re young and healthy.

Take action now: Get a free quote for term life insurance in minutes and ensure your family’s future is safe, no matter what happens. Because when it comes to their security, "good enough" isn’t good enough—they deserve real protection.