Term Life Insurance Coverage Calculator
This term life insurance calculator estimates how much coverage your family would need using the DIME method — Debt, Income replacement, Mortgage, and Education — a straightforward, widely used way to size a policy. Enter your numbers to see a coverage estimate.
Credit cards, car loans, personal loans and other debts your family would need to cover.
Your current income, which your family would need replaced.
How many years of income replacement you want to provide — often until children are financially independent.
So your family could pay off the home.
An estimate for children's college or education expenses.
Any current coverage or liquid savings that would offset the need.
Additional coverage needed
सेव करने के लिए लॉग इन करें$135,654
Using the DIME method: Debt + Income replacement + Mortgage + Education, minus existing coverage.
Frequently asked questions
Why term life instead of whole life insurance?+
Term life provides pure death-benefit coverage for a fixed period at a much lower cost than whole life (which combines insurance with a savings/investment component) — for most people, term life covering the years of highest financial responsibility (raising children, paying off a mortgage) is the more cost-effective choice.
Should I include a stay-at-home parent in this calculation?+
Yes, ideally — even without a salary, a stay-at-home parent provides real economic value (childcare, household management) that would cost real money to replace. Consider a separate policy sized to cover replacement childcare and household help.
Does this account for final expenses like a funeral?+
Not explicitly — consider adding a separate estimate (often ₹1,00,000-₹2,00,000) for funeral and final expenses to the debt figure if you want this included in your total coverage estimate.
