Key Takeaways:

• Before you buy life insurance, you need to know how much you need so you don’t end up overpaying for coverage! Everyday Life’s term life insurance calculator is needs-based, objective, anonymous, and helps you save money! 
• You can use the results from our Needs Assessment Tool to purchase a plan with Predictive Protection™, which is predictive technology that automatically updates your coverage over the life of your policy. 

Shopping for a life insurance policy isn’t as fun as shopping for a new couch or a new car, but it is a lot more confusing – and potentially, a lot more consequential for your spouse, kids, and loved ones.

Most people understand why they need life insurance (to protect their beneficiaries from the cost of their death and lost income in case they pass away prematurely), but most people also don’t understand life insurance in general. They don’t know how much coverage is too much or too little…they don’t really know what’s a good price to be paying for it…they don’t know what kind of life insurance to buy…and the list goes on.

It’s okay if you’re in the same boat, because you’re not alone! The problem is if you’re shopping for a plan, most companies will assume that you already know all of these things. And if you just guess when you answer how much coverage you need, you will probably end up either underinsured or overpaying for more than you actually need.

There are a few ways to figure out what amount of coverage is correct for your unique situation.

You could use the DIME method – stands for “debt, income, mortgage, and education”. You add up how much debt you would have if you passed away, multiply your income by the number of years your family would be reliant on it, add the mortgage, and add the amount you would want to contribute to your child’s education. That total is how much coverage you need. Another popularly prescribed method is to multiply your income by 10, and that amount is how much coverage you should get.

Neither of these methods is much better than guessing, though. The multiplication method is pretty vague and doesn’t work for stay-at-home parents (whose family would definitely be hurt financially by their death if they had to replace the support and childcare they provided). The DIME method is more specific, but doesn’t take into account your family’s savings and other existing resources. You need a more specific, easier way of figuring out how much you need, which is where Everyday Life’s term life insurance calculator comes in!

Meet Our Needs Assessment Tool!

In order to take the guesswork out of the process, we created a term life insurance calculator that is “needs-based”. That means that it takes into account exactly what your unique life needs are, and only recommends the amount that a qualified financial planner would also recommend. If you don’t need life insurance, the calculator will tell you that too – it’s objective!

Everyday Life’s Needs Assessment Tool is the only term life insurance calculator of its kind in the entire industry. It takes only 2-3 minutes to complete, and you can use it 100% for free and 100% online – you don’t have to provide any contact information or be bothered by pushy salespeople. Most customers who use it end up with a term plan that costs them less than 1% of their income!

Here’s how our term life insurance calculator works: you answer a few questions about your family and your financial situation (how many people depend on you, how much you make, what your savings look like, etc.). Based on the information you enter – and remember, no email address or phone number required – you get a personalized plan recommendation for an amount of coverage that will always reflect your unique needs at any point in your plan, so you never overpay and always have peace of mind that your family is protected!

Try our Needs Assessment Tool now at https://insurance.everydaylifeinsurance.com/quote/dependents?.