How much life insurance coverage do I need?
Short answer: Most people need 10–15 times their annual income. A more precise answer adds your debts, mortgage, future education costs and final expenses, then subtracts savings and existing coverage.
A quick rule of thumb is 10 to 15 times your annual income. It is a starting point, not an answer — a 30-year-old with three kids and a new mortgage needs far more than a 55-year-old empty-nester.
A more precise method is DIME: add up your Debts, Income to replace (annual income × years your family would need it), Mortgage balance and Education costs for your children. Then subtract savings, investments and any life insurance you already have, including coverage through work.
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