Calculate your life insurance needs based on income, debts, and family expenses. Use our guide to determine the right coverage amount for your situation.
Calculating the right amount of life insurance coverage ensures your family can maintain their lifestyle and meet financial obligations after you're gone. Several factors determine your optimal coverage.
The DIME method (Debt, Income, Mortgage, Education) provides a comprehensive approach to calculating coverage needs. Add up all these expenses to determine your minimum coverage requirement.
Remember to subtract any existing savings, investments, or employer life insurance benefits when calculating your additional coverage needs.
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