Guide
How much life insurance do you need?
Tool and breakdown: years of earnings, obligations, schooling, and what you have already set aside.
A straightforward method: combine what your income would provide and deduct what is already in place. While not exact, that precision is unnecessary: policies are sold in preset amounts, and your goal is a sum that keeps your household secure during the critical years.
Coverage estimate
Estimate = (income × years) + (debts) + (education) − (existing protection), then round up to the next $5,000. This is a starting estimate, not a recommendation.
Why those inputs
Years of earnings. Planners typically reference 10 to 20 years; your exact number reflects how long dependents need assistance. In Poway, young families often select longer coverage spans since expenses for care, housing and schools cluster in the same period.
Loans and mortgages. A home loan represents the biggest obligation for most households. If coverage could pay it off, those left behind have flexibility instead of being forced by money concerns.
Schooling. A conservative estimate per dependent in current dollars. Including it in your original calculation is simpler than purchasing more insurance later on.
Existing insurance. Bank accounts that could be tapped, and life coverage through your employer. Work-based protection terminates if you leave the company, so most people rely on only a portion of that benefit.
Once you have your target number, head to the quote tool to see how much that would cost for various lengths—10, 15, 20, 25 or 30 years—from all available carriers. Buying more than your estimate is quite typical, as the cost per month is minimal when you are younger.