Skip to main content
SimplyTrust
SimplyTrust
MobileNewForms & ToolsFreeLearnStates
FormsFormsToolsTools
FormsTools
Company
AboutCareersContactFormsMobileNewPress
Privacy PolicyTerms of ServiceSecurityAI Access

© 2026 SimplyTrust Software Inc.

SimplyTrust Logo

Every family deserves a plan. We'll help.

Forms

  • Revocable Trust
  • Last Will
  • Pour-Over Will
  • Healthcare Proxy
  • Financial POA

Tools

  • Trust vs Will
  • Probate Calculator
  • Who Inherits
  • Estate Settlement
  • Death Tax Calculator
  • Life Insurance

Learn

  • Articles
  • State Guides
  • Estate Law
  • Life Events
  • Law Firms
  • Financial Institutions

Company

  • About
  • Careers
  • Contact
  • Press
  • Mobile App

SimplyTrust is not a law firm and does not provide legal advice, legal counsel, or attorney review. Information on this platform is for general informational purposes only. Use of SimplyTrust does not create an attorney-client relationship. You are solely responsible for all documents you create. For advice tailored to your circumstances, consult a licensed attorney in your state.

© 2026 SimplyTrust Software Inc. All rights reserved.

Privacy Policy·Terms of Service·Security··AI Access

All content, data, and calculations are proprietary. Automated scraping, systematic downloading, or data extraction is prohibited under our Terms of Service. Product visuals are simulated for illustrative purposes and may differ from actual experience.

Estate planning, in your pocket.

Create and manage your trust from your phone.

Revocable Trusts

Skip probate with a revocable trust

Estate Ledger

Every decision signed, timestamped, and hashed

Pricing

Simple, transparent pricing

Download

Get the app on iOS and Android

Home→Tools→Life Insurance Calculator

How Much Life Insurance Do I Need?

Calculate your life insurance needs based on your income, debts, family situation, and state-specific costs like college tuition and cost of living.

$
years

Until retirement or youngest child is grown

$
Debts to Pay Off
$
$
$
Existing Coverage
$
$

Usually 1-2x salary

$

Calculate your coverage needs

Select your state and enter your annual income to get a personalized life insurance recommendation.

Quick examples:
West Dakota: $999,999 (99.9%)East Montana: $888,888 (88.8%)

This calculator provides estimates for educational purposes only. Actual insurance needs depend on many factors. Consult a licensed insurance professional for personalized advice. Cost of living data from Bureau of Economic Analysis (2023). College cost estimates from College Board (2024-2025).

SimplyTrust

Protect your family

DIME+ Method

DIME+ Method

Calculate coverage using the proven Debt, Income, Mortgage, Education formula plus estate taxes.

State-Specific Data

State-Specific Data

Adjusts for your state's cost of living, college costs, and estate tax rules.

Existing Coverage

Existing Coverage

Deducts your current insurance, employer coverage, and savings to show your true gap.

Completely Free

Completely Free

No account required. No email. Enter your info and get your recommendation.

Frequently Asked Questions

A common rule of thumb is 10-12 times your annual income, but your actual needs depend on your debts, number of dependents, existing savings, and future obligations like college costs. Our calculator factors in all these elements for a personalized recommendation.

DIME stands for Debt, Income, Mortgage, and Education. It's a formula to calculate life insurance needs: add up all debts, multiply income by years to replace, add mortgage balance, and add education funding needs for children. Then subtract existing resources like savings and current coverage.

Yes, significantly. If you live in a high cost-of-living state like California or New York, your family will need more to maintain their lifestyle. Our calculator adjusts income replacement based on your state's cost of living index relative to the national average.

If your estate may be subject to estate taxes (12 states plus DC have estate taxes, 5 states have inheritance taxes), life insurance can provide funds to pay these taxes without forcing heirs to sell assets. Our calculator includes estate tax estimates for applicable states.

Employer-provided life insurance (typically 1-2x salary) counts as existing coverage. However, it's usually not portable if you leave your job, so many people also maintain personal coverage. Enter your employer coverage in our calculator to see your coverage gap.

Term life insurance provides coverage for a specific period (10, 20, or 30 years) at lower premiums. Whole life is permanent coverage with a cash value component but costs 5-15x more. For most families focused on income replacement, term insurance offers the best value.

How Much Life Insurance Do You Need?

Life insurance replaces your income when you're gone, ensuring your family can maintain their lifestyle, pay off debts, and fund future goals like college education.

The DIME method (Debt, Income, Mortgage, Education) provides a comprehensive framework for calculating coverage needs. Our calculator adds cost of living adjustments and estate tax considerations.

Most financial experts recommend 10-12 times your annual income as a starting point, but your actual needs depend on your specific situation: debts, dependents, and existing coverage.

Term life insurance is typically the most affordable option for income replacement. Coverage amounts typically change with major life events: marriage, children, home purchase, or significant income changes.

Is this your situation?

Get a complete guide for your specific circumstances.

New Baby or Adoption

New Baby or Adoption

Your family is growing. Your protection should too. Guardian nominations, trusts for minors, beneficiary updates, and the documents new parents need in place.

Learn more
Marriage

Marriage

Starting a life together means planning for it. Beneficiary updates, asset titling, powers of attorney, and what blended families need to know.

Learn more

More estate planning resources

Explore related tools and documents to complete your estate plan.

Free

Last Will and Testament

Create a free, state-specific will with witness and notarization requirements included.

Free

Pour-Over Will

Transfer assets to your existing trust. State execution requirements included.

$12/month

Revocable Living Trust

Find out if a revocable trust makes sense based on your state's laws.

How Much Are Estate & Inheritance Taxes?

Calculate federal estate tax, state estate tax (12 states + DC), and inheritance tax (5 states) for an estate or trust.

Use Calculator

How Much Does Probate Cost?

Estimate attorney fees, executor fees, court costs, and timeline for probating an estate in your state. See if the estate qualifies for simplified probate procedures.

Use Calculator

Are My Beneficiary Designations Protected?

See how your state handles beneficiary designations after divorce, inherited IRA creditor protection, and spousal consent requirements for retirement accounts.

Check Now

How Do I Settle an Estate?

Get a personalized checklist for settling an estate after someone passes away. Covers trust administration, probate, and intestate estates.

Get Checklist