Guide
How much life insurance do you need?
A computation tool and the thinking behind it: income years, outstanding debts, education expenses, and your current coverage.
A simple approach: calculate the total your income could sustain and reduce by existing coverage. This doesn't need to be precise—term policies are purchased in round amounts, and the objective is adequate stability during crucial years.
Coverage estimate
Amount = (annual income × number of years) + current debts + education costs − existing coverage, rounded to nearest $5,000. This gives you a starting estimate, not professional financial guidance.
Why those inputs
Duration of Income. Advisors typically suggest coverage spanning 10 to 20 years based on how long your dependents will require assistance. Chino residents raising young children frequently opt for 20 to 30 years, given the overlapping demands of childcare, housing, and educational expenses.
Outstanding Loans. A home mortgage represents the largest liability for most households. Setting coverage equal to your remaining balance ensures survivors have housing choices if your income ceases.
Schooling. Set aside an estimated amount per child in today's money. It's practical to incorporate it now rather than purchasing another policy when children are older.
Your Current Coverage. Include cash reserves available for immediate use and employment-based policies. Keep in mind that most group coverage terminates when employment ends, so accounting for part of it is conservative.
Use the quote calculator to see the cost for your desired amount across 10, 15, 20, 25, and 30-year options. It's typical to select more coverage than your initial estimate because premiums at younger ages remain manageable.