Guide
How much life insurance do you need?
An interactive calculator and the logic behind it: earnings period, outstanding debts, schooling expenses, and existing protections.
The typical approach is to calculate what your income would have provided and subtract current protection. It doesn't have to be perfect, and it shouldn't be: you pick term coverage in $5,000 increments, and the goal is an amount that keeps your household stable during the crucial years.
Coverage estimate
Calculation = earnings × number of years + outstanding debts + college costs − current coverage, rounded to the next $5,000. It's an estimate, not guidance.
Why those inputs
Income years. Twenty to thirty years of income is standard in planning; the right period depends on how long dependents will require support. In Gilroy, households with small kids typically extend this because costs for childcare, rent, and schools are heaviest.
Debts. A home loan is the most significant for most households. Protection that covers this debt allows survivors to decide their living situation based on preference rather than financial pressure.
Education. A basic estimate per child, in current dollars. It's more practical to include it now than to purchase an additional policy down the road.
What you have. Available savings, and work-based insurance. Work-based insurance generally stops when employment stops, so many include only half of it.
Once you know your amount, the quote tool displays what that amount will cost over 10 to 30 years from various carriers. Many people choose slightly higher coverage since the monthly cost is minimal at younger ages.