Guide
How much life insurance do you need?
A simple spreadsheet, plus an explanation of each component: years of income replacement, debts, education savings, and what you already have in place.
A straightforward approach: sum what your income would provide + unexpected costs, then subtract existing savings and work-related coverage. While not mathematically exact, this works well—term policies come in set increments anyway, and the point is ensuring your household wouldn't face hardship.
Coverage estimate
Rough calculation: (annual income × years of need) + outstanding debts + education costs − existing savings and group coverage, rounded to $5,000. This is a starting estimate for your thinking, not professional guidance.
Why those inputs
Income years. Most financial advisors point to 10-20 years as the right span for income replacement; the actual figure depends on how many years your dependents would require financial support. In West Hollywood, households with young children tend toward the longer span because the full cost of raising kids—childcare, housing, schooling—peaks during the middle years.
Debts. For most households, a home loan is the largest debt. Sufficient coverage to retire that debt gives survivors the option to stay or move without financial emergency.
Education. A modest per-child estimate in current dollars. Including it here beats having to take out a second policy down the road.
What you have. Bank savings available to your family, and life coverage provided through your employer. Note that company plans often end when you leave that job, so you may want to count only part of it.
Once you've estimated your coverage need, the quote tool will show you the cost across 10 through 30-year terms from each available carrier. Many households find that purchasing coverage slightly higher than their calculation makes financial sense because monthly costs increase modestly at younger ages.