Guide
How much life insurance do you need?
A tool to calculate how much you might need, plus the thinking behind it: years of income you want to replace, your debts, college funding, and what you currently have covered.
Most people start by listing what their salary supports and then subtract what they've already got in place. It's not exact, and it doesn't need to be: policies come in round dollar increments anyway, and you're aiming for something that would keep your family functioning through the critical years.
Coverage estimate
Coverage need = (earnings × years) + (debts) + (education costs) − (existing coverage), then round to $5,000. This gives you a ballpark starting point, not a recommendation.
Why those inputs
Years of income. Most financial advisors recommend 10 to 20 years; the exact number depends on how long those counting on you will need that financial support. If you're a Dublin parent of young kids, you'll likely lean toward 20 or 25 because that's when schooling, childcare and housing costs are all high at once.
Debts. Your mortgage is likely the biggest one. Coverage that pays it off means the people you leave behind can choose what to do with the house without being forced by financial pressure.
Education. Set aside a rough amount per child for future school and university costs, calculated in today's dollars. Including this now beats adding a separate policy down the road.
Existing protection. This includes money in savings or investments you could spend, plus any group life coverage you get through your employer. Keep in mind that group coverage usually disappears when you leave that job, so many people only count part of it.
Once you've settled on an amount, the quote comparison will show what it costs for 10 to 30 years across all carriers. Many people find the monthly payment difference for additional coverage is small when you're younger, so they opt for extra protection.