Guide
How much life insurance do you need?
A tool to work through the math, plus explanations of each part: how many years of income, your debts, college costs, and what you've already saved.
A practical approach: add up what your income pays for (food, mortgage, school, loans, etc.) over the years your dependents need it, then subtract what you already have in savings and insurance. You don't need precision—coverage comes in round numbers, and the point is a figure that keeps your family stable during the critical years.
Coverage estimate
Try: (monthly income × 12 × years) + mortgage or debts + education savings − savings you have, then round to a number that feels right. This is just a starting point for the conversation, not a recommendation.
Why those inputs
Income years. Most advisors suggest replacing 10 to 20 years of income, depending on when your dependents will become independent. Pittsburg families with young kids often lean toward the longer end, since childcare, rent or mortgage, and school costs all pile up at the same time.
Debts. For most households, the mortgage is the biggest one. If your coverage could pay it off, your family could choose to stay in the house without money stress forcing the decision.
Education. Set aside a rough amount per child (in today's dollars) for school or college. It's simpler to factor this in upfront than to buy another policy later to fill the gap.
What you have. Money in savings you could tap, and life insurance through your employer. But since group coverage often ends if you leave the job, many people count only a fraction of it.
Once you've got a target figure, plug it into the quote tool and see what rates you get for 10, 15, 20, 25, or 30 years. Many people find they can go a little higher than their estimate at a small monthly cost increase, especially when they're younger.