Guide
How much life insurance do you need?
A straightforward calculator paired with the reasoning: income duration, major expenses, education funding and existing protection.
The basic approach is summing your income's future value, subtracting existing protection, and adding major costs. It's not a precise method and doesn't need to be: insurance is bought in standard amounts, and the objective is security across the most important years.
Coverage estimate
Rough calculation: income × years of coverage + major expenses + education costs − existing coverage, then round to a standard amount. This is a starting reference, not personalized guidance.
Why those inputs
The typical recommendation is 10 to 20 years of pay; the ideal span depends on your dependents' support timeline. In San Luis Obispo, families with young children frequently opt for the longer period since childcare, housing and school expenses align during these years.
Outstanding obligations. The primary debt for most households is a home loan; sufficient coverage to pay it off gives survivors the option to remain in the home without being forced to relocate due to financial pressure.
Schooling costs. A modest estimate per child in today's dollars. It's more practical to account for this now than to get additional coverage later.
Current protection. Bank accounts available for emergencies and employer-provided life insurance through work. Note that group coverage typically ends when employment ends, so many people count only a portion of it.
Once you have your amount, use the quote tool to see what the amount costs over 10, 15, 20, 25 or 30-year periods with all available carriers. It's typical to purchase a bit more than your calculation suggests, as the price increase is modest when you're young.