Life Insurance — The Right Amount for Your Situation
The DIME Method
D — Debt: Total outstanding debts (mortgage, car, student loans, credit cards).
I — Income: Annual income × number of years your family needs support (typically 10-15 years).
M — Mortgage: Remaining mortgage balance (if not included in debt).
E — Education: Estimated education costs for children.
Quick Calculator
| Annual Income | 10x Coverage | 15x Coverage | Est. Monthly Premium (age 30) |
|---|---|---|---|
| $50,000 | $500,000 | $750,000 | $25-35 |
| $75,000 | $750,000 | $1,125,000 | $35-50 |
| $100,000 | $1,000,000 | $1,500,000 | $45-65 |
Most financial advisors recommend 10-15x your annual income. A 30-year-old can get $1 million in term coverage for about $45-65/month — less than a streaming subscription bundle.
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