How much life insurance do you actually need?

DIME framework: Debts + Income replacement + Mortgage + Education. Most calculators just use 10× salary; we build the actual number from your specific obligations and existing coverage.

How the math works

DIME framework (industry standard, used by most fee-only financial planners):

D — Debts: mortgage payoff, student loans, credit cards, auto loans. What gets cleaned up so survivors don't inherit the burden.
I — Income replacement: annual income × years to support family. Typical: 5-10 years for kids to launch, or until spouse can re-establish earnings.
M — Mortgage: remaining mortgage balance (separated from other debts because most people want survivors to own the home outright).
E — Education: college funding for kids × number of kids. Typical $100-200K per kid for in-state public, $300-500K for private.

coverage gap = DIME total − existing coverage − liquid assets

Why "10× salary" is wrong: the 10× rule of thumb undercounts for young families with mortgages and overcounts for older households with paid-off homes and kids out of school. DIME builds the actual number from your specific obligations.

Term vs whole life: for the coverage gap calculated here, term policies (10-30 year level term) are almost always the right vehicle. Premium per dollar of coverage is 5-10× cheaper than whole life. The whole-life-as-investment case is separately addressed in the Insurance IRR Calculator.

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