How much term life insurance does your family actually need? The DIME method gives you a defensible number in 60 seconds — no email required.
Illustrative industry ranges only — actual premiums depend on health, family history, occupation and insurer. Always compare quotes from multiple carriers.
What does DIME stand for?D = Debts (everything except mortgage), I = Income replacement (your annual income × years your family depends on it), M = Mortgage balance, E = Education costs for kids. Add D+I+M+E, then subtract savings and existing coverage.
Why not the "10× income" rule of thumb?10× income ignores your mortgage, debts and kids' education. Two families with identical incomes can need very different coverage. DIME takes 4 extra inputs and gives a number you can defend.
How many years of income replacement should I pick?A common guide: until your youngest child is financially independent (roughly age 22), or until your spouse retires. Young kids → 15–20 years. Teenagers → 5–10 years. Dual-income no-kids → 5–10 years is often enough.
Term or whole life?For pure income protection, level term (20 or 30 years) costs a fraction of whole life. Most advisors suggest: buy term for coverage, invest the difference. Whole life makes sense mainly for estate-tax planning scenarios.
What happens if I'm over-insured?You're paying for coverage your family will never need. This calculator subtracts your existing coverage and savings — if the result is ≤ 0, you likely don't need more insurance, just better savings habits.