Life Life insurance
How much life insurance do you actually need?
Whether you are thinking about term life, whole life or final expense coverage, start with the number. Add up debt, income, mortgage and education for a starting estimate.
- Since 2006in the insurance business
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Three questions
How can we help you?
Step 1: which coverage do you need?
What worries you the most?
How would you like to do this?
DIME calculator
The DIME calculator
Debt, Income, Mortgage and Education. Add the four together for a starting estimate of the life insurance your family may need. Type a number or drag the slider, and the total keeps up.
How it adds up
Why each of the four is in there
D is for debt. Credit cards, car loans and personal loans your family would otherwise have to pay. The mortgage gets its own line.
I is for income. This calculator uses three years. The idea is time: time for your family to adjust without rushing big decisions.
M is for mortgage. What it takes to pay off your home, so your family can stay in it.
E is for education. This calculator sets aside $50,000 per child. Three children is $150,000.
Add the four together and you have an estimate with a reason behind every part of it. From there, the conversation can turn to the kind of coverage that fits.
Term life insurance covers a set number of years, such as while your children are growing up or while you are paying off a home.
Whole life insurance is permanent coverage designed to last your whole life as long as premiums are paid. Many policies also build cash value.
Final expense coverage is a smaller life insurance policy often used to help cover funeral and other end-of-life costs, so your family isn’t left with those bills.
Questions
About the calculator
No. It estimates how much coverage your family may need. What that coverage costs depends on your age, your health and the type of policy.
It is the starting point this calculator uses, because it gives your family time to adjust. Your own number may be different, and Manuel can talk it through with you.
It often does the first time. That is why it helps to talk through the type and amount of coverage that fits your budget.
Next step
You have a number. Let’s talk it through.
Call or text Manuel, or answer three quick questions.