How much life insurance for me? Calculate now!
July 8, 2022
Use our online calculator to estimate how much coverage is right for you. Then, reach out to us - we’re happy to help fine-tune the details for your situation.
CLICK ON: www.1891financiallife.com/calculator/
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About Calculating Life Insurance Needs
Our 1891 Financial Life's Life Insurance Needs Estimator uses the DIME method.
The acronym DIME stands for debt, income, mortgage, and education. Life insurance calculators that use it will ask you to input dollar amounts for each category and will then calculate a more comprehensive prediction of your life insurance needs. Here is an explanation:
- Debt – Everything you owe money for except your home.
- Income – The total amount of money your family would need for a certain number of years after you are gone.
- Mortgage – The payoff value of your house.
- Education – The cost of college for your children.
Are there other ways to estimate your life insurance needs? Yes!
1. Multiply Your Income
The simplest calculators ask for your income and then multiply that number by ten. This rule of thumb is popular on the internet, but it is a bit simplistic. It does not account for other factors such as money you already have saved or debts you need to pay. It is also not a realistic estimate for families with only one working parent.
2. Multiply Your Income and Add Children
This type of calculator is slightly more advanced because it takes into consideration the educational needs of your children. It asks for your income, multiplies it by ten, then adds $100,000 for each child you have. While this is a reasonable estimate of college costs, the overall calculation still does not take into account any other variables, including the age of your children.
3. Subtract Assets From Obligations
The best calculators are those that take into account the diverse debts and obligations of your family. They ask questions about what you owe now and want to pay for in the future, including funeral expenses. They also take into consideration not just your current income but also the value of services that stay-at-home parents provide.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance company, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at info@1891FinancialLife.com