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Life Insurance Needs Calculator

Fill in the form below and click Calculate to see your personalized DIME estimate.

DDebt
IIncome
MMortgage
EEducation
D

Debt & Final Expenses

All outstanding debts your family would need to pay off, plus end-of-life costs. Mortgage is covered separately below.

$
$
$
$
$
Avg. funeral cost is $8,000–$15,000
$
Why this matters Outstanding debts pass to your estate. Covering them protects your family from being forced to sell assets or drain savings under pressure.
I

Income Replacement

How many years of your income should the policy replace to cover your family's ongoing living costs?

$
yrs
Typically until youngest child is self-sufficient
$
Reduces your replacement need
%
70–80% is a common rule of thumb
Formula used (Annual Income × % to Replace − Spouse Income) × Years. Your partner's income offsets the total replacement amount.
M

Mortgage & Housing

Remaining home loan balance so your family can stay in their home without financial hardship.

$
$
Renting or mortgage-free? Leave these at zero. If you own investment properties with outstanding loans, include those balances here.
E

Education Costs

Estimated funding needed for your children's education, from K–12 through college.

$
Avg. 4-yr public ~$108K; private ~$220K
$
Total for all years, not annual
$

Offsets

Existing Coverage & Assets

What you already have reduces your net coverage gap.

$
$
Savings, brokerage accounts, etc.
Your Estimated Coverage Need
$0
Based on the DIME method
DDebt & Final Expenses
$0
Debts + end-of-life costs
IIncome Replacement
$0
Annual need × years
MMortgage & Housing
$0
Remaining home loan(s)
EEducation
$0
Net of existing savings
Subtotal (D + I + M + E) $0
Less: Existing life insurance −$0
Less: Liquid savings & investments −$0
Estimated Additional Coverage Needed $0

Disclaimer: This calculator provides an educational estimate only. Results are based solely on the information entered and the DIME formula. They do not constitute financial, legal, or insurance advice. Actual coverage needs vary based on inflation, investment returns, tax implications, and personal circumstances. Always consult a licensed financial advisor or insurance professional before making coverage decisions.

Ready to take the next step?

Your estimate is a starting point. A licensed advisor can tailor a plan to your specific goals, health, and budget.

0
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(515) 985-5500

Des Moines, Iowa

 

Teacher Wealth, LLC is a registered investment adviser offering advisory services in the State of Iowa.