Guide
How much life insurance do you need?
A calculator plus explanations covering income years, obligations, education costs and present coverage.
The standard approach is subtracting existing protection from the sum of income needs and obligations. Exact precision isn't required: term coverage is sold in increments, and the objective is a sum that maintains household stability through the critical years.
Coverage estimate
Estimate = income × years + obligations + education − existing coverage, then round to the nearest $5,000. This is a rough guide, not individualized guidance.
Why those inputs
Income years. Financial advisors typically recommend 10 to 20 years of income; your situation determines the best length based on when your dependents will need support. A Richmond family with children often selects 20 or 25 years given how education, housing and childcare expenses overlap.
Debts. Mortgages often represent the largest obligation. Protection that removes this burden gives survivors the freedom to decide their next moves rather than facing a cash shortage.
Education. Budget per child using today's currency values. Adding this now is simpler than buying a second policy down the road.
What you have. Liquid reserves and workplace coverage are both useful. Employer policies typically end when employment ends, so many people only count a fraction of it.
Once you've determined an amount, the quote tool displays pricing for 10 through 30-year terms with all carriers. Selecting a higher amount is typical because the cost difference is modest for younger applicants.