Guide
How much life insurance do you need?
A tool to guide your calculation plus an explanation of each component: income timeline, outstanding debt, education funding and current protection.
The standard approach is to total what your income supports and take away any protection already in place. It won't be exact, and that's fine; term coverage is sold in round increments anyway. The goal is a number that keeps the household on track through the years when it's most vulnerable.
Coverage estimate
Coverage need = (annual income × years) + debts + education costs − existing coverage, rounded to the nearest $5,000. Use this as your starting place, not financial guidance.
Why those inputs
Income years. Most advisors point to 10–20 years as the typical range, though your situation determines the right span. In Burbank, where childcare and schooling costs are significant, households raising young children often lean toward the longer end.
Debts. The mortgage is typically the biggest for most families. Life insurance proceeds sufficient to pay it off allow survivors to stay in the home without financial pressure to sell.
Education. Estimate a per-child amount in current dollars. Including it in your coverage now is simpler than buying a second policy later.
What you have. Bank savings available to cover expenses, and group life through an employer. Since group coverage stops when employment ends, most people include only a fraction of it.
Once you know your target amount, the quote tool shows what each term costs with each carrier. Lots of people go a bit higher—the monthly bump is small at younger ages.