Guide
How much life insurance do you need?
Tools to calculate your figure, including the logic: income years, financial obligations, education funding and what you have now.
The standard approach is adding your income potential and deducting existing resources. It won't be perfect, and it doesn't have to be—term coverage comes in round figures, and the objective is an amount that keeps the household stable through the important years.
Coverage estimate
Estimate = income × years + debts + education − existing coverage, rounded to the nearest $5,000. This is a starting point, not personalized guidance.
Why those inputs
Income years. Support for 10 to 20 years is what most advisors suggest; the length depends on how long dependents require assistance. Families in Goleta with young children often lean toward longer coverage because costs for childcare, housing and education spike together.
Debts. Mortgages are usually the biggest liability. Enough coverage to pay off the mortgage gives survivors the freedom to stay if they choose, without financial pressure forcing relocation.
Education. Budget per youngster in current dollars. Including education now is simpler than purchasing extra coverage later.
What you have. Bank savings and employer-provided insurance. Workplace coverage stops when employment does, so many count only a percentage.
Once you've settled on a figure, the quote tool displays what that benefit costs for 10–30 years across multiple carriers. People often go slightly above their estimate since the monthly cost is modest when you're younger.