Guide
How much life insurance do you need?
Find a calculator and understand the logic: supporting years of income, debt payoff, schooling costs and resources you already own.
Add up the income your dependents would lose if you were no longer earning, then subtract existing protections. Precision is not required—coverage amounts are rounded anyway, and the objective is simply ensuring household stability through the critical years.
Coverage estimate
Estimate = (annual income × years of support) + outstanding debts + education funds − existing coverage, adjusted to nearest $5,000. Use this as a starting reference, not as definitive guidance.
Why those inputs
Income years. Most advisors suggest 10 to 20 years of income replacement; your specific needs depend on how long dependents require financial support. Colton families with young children frequently extend to the longer timeframe since housing, daycare and schooling expenses align during this period.
Debts. For most households, the mortgage represents the largest obligation. Sufficient coverage to settle it allows heirs to choose their path forward rather than facing financial pressure.
Education. Set aside a reasonable amount per child based on current costs. Including this now beats adding coverage later through additional policies.
What you have. Include liquid savings and employer-provided coverage. Recognize that group benefits typically end when employment ends, so reserve judgment in counting the full amount.
Once you have a target amount, use the quote tool to compare costs for 10-, 15-, 20-, 25- and 30-year terms across all carriers. Purchasing additional coverage beyond your estimate is common since premium increases are modest at younger ages.