Life Insurance Calculator

A common guide is 10 to 12 times your income, or use the DIME method: cover your Debts, Income replacement, Mortgage, and Education costs.

It sizes coverage by adding Debt, Income (years to replace), Mortgage balance, and Education costs for dependents.

For a healthy 35-year-old, a 20-year $1M term policy often runs $45 to $70 a month.

Term is affordable and covers a set period (most people's choice); whole life is permanent and builds cash value but costs much more.

Group coverage helps but is usually only 1 to 2 times salary and ends if you leave, so most people need additional individual coverage.

Whether $500,000 is enough depends on your income, debts, number of dependents, and long-term financial goals. A common rule of thumb is to carry 10 to 12 times your annual income in coverage, so higher earners or those with large mortgages may need more. Consider future education costs, outstanding loans, and how long your family would need income replacement. Using an online life insurance calculator can help you arrive at a more personalized number.

Most financial experts recommend carrying life insurance equal to 10 to 12 times your annual gross income as a general starting point. You should also factor in your mortgage balance, other debts, the number and ages of your dependents, and anticipated expenses like college tuition. Stay-at-home spouses should also be insured to cover the cost of childcare and household services. A licensed financial planner or insurance advisor can help you calculate a more precise coverage target.

Yes, many people with a pacemaker can qualify for life insurance, though the premiums will typically be higher than standard rates. Approval and pricing depend on the underlying heart condition, how long the pacemaker has been in place, and overall health. Some carriers specialize in high-risk applicants and may offer more competitive rates than mainstream insurers. Working with an independent broker who has access to multiple underwriting markets gives you the best chance of finding coverage.

Yes, receiving Social Security Disability Insurance does not prevent you from owning a life insurance policy. SSDI income does not count as an asset, so a life insurance payout generally will not affect your SSDI benefits. If you also receive SSI, the cash value of a permanent life policy could affect your eligibility if it exceeds the resource limit. Check with a benefits counselor if you are on both programs before purchasing a whole life or universal life policy.