Life Insurance Calculator 2026
Calculate how much life insurance you need using the DIME method. See your coverage gap and estimated monthly premium for term life insurance.
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$1,680,000
Coverage Needed (DIME Method)
Gap: $1,680,000 uncovered
$1,700,000
Income Replacement
$380,000
Total Debts
Est. 20yr Term Cost
DIME Breakdown
D — Other Debts$40,000
I — Income Replacement$1,700,000
M — Mortgage Balance$280,000
E — Education$60,000
Total Needed$2,080,000
Existing Coverage-$0
Coverage Gap$2,080,000
Est. Monthly Premium (Healthy Non-Smoker)
Term Life — 20 Year~$32/mo
Term Life — 30 Year~$52/mo
The DIME Method for Life Insurance
DIME is the most thorough method for calculating life insurance needs:
- D — Debt: All debts excluding the mortgage (car loans, student loans, credit cards, personal loans)
- I — Income: Annual income × number of years your family needs it (typically until youngest child finishes college)
- M — Mortgage: Remaining mortgage balance to allow family to pay off the home
- E — Education: Estimated college costs per child × number of children
DIME coverage = D + I + M + E − existing coverage.
Term Life Insurance Cost by Age (2026)
| Age | $500K / 20yr (healthy male) | $1M / 20yr |
|---|---|---|
| 25 | $18–$25/mo | $28–$40/mo |
| 30 | $20–$30/mo | $32–$50/mo |
| 35 | $25–$38/mo | $40–$65/mo |
| 40 | $35–$55/mo | $60–$95/mo |
| 45 | $55–$85/mo | $95–$150/mo |
| 50 | $80–$130/mo | $140–$225/mo |