Life Insurance Needs Calculator for Arizona Families

One common method is DIME: add your debts, the income your family would need for a number of years, your mortgage and education costs, then subtract cover and savings you already have.

Often not on its own. Group cover is commonly a multiple of salary and usually ends when you leave the job or retire.

Term fits needs that end, such as a mortgage or the years children are at home. Permanent fits needs that last, such as final expenses or leaving money to family. Many families use both.

There is no single right number. Many families choose enough years to carry the household until the youngest child is grown, or until a spouse reaches retirement. The calculator lets you pick the years, so try two or three settings and see how the total changes.

Count what your family could realistically draw on. The calculator subtracts existing life insurance and savings from the total need. If some money is meant for your spouse’s own retirement, you may want to leave it out so it is still there for them later.

Often, yes. A parent at home may not earn a paycheck, but replacing childcare, driving and running the household costs real money. Enter what that care would cost as the income to replace, and the DIME estimate will reflect it. Coverage is subject to underwriting and carrier approval.

In most cases the death benefit paid to your beneficiary is not subject to federal income tax. There are exceptions, for example with very large estates, so check your own situation with a tax professional. This calculator estimates the amount of cover only and does not give tax advice.

Not always. Some policies use a medical exam, others ask health questions only, and guaranteed issue policies ask none but usually cost more and offer smaller amounts. Every policy is subject to underwriting and carrier approval. We can tell you which route fits your health and the amount you need.

Look at it again after any big change: a marriage, a new child, a new home, a new job or a paid-off mortgage. We also review coverage with clients every year, so your policy keeps pace with your family. Run this calculator again with your new figures each time.