Guide
How much life insurance do you need?
A simple calculator that walks you through the reasoning: income years, debts, education, and what you've already set aside.
Most people start by estimating their income needs over the relevant years, then subtract savings and existing coverage. It doesn't have to be exact — term policies come in round numbers anyway, and the real aim is picking a figure that would keep your household stable through the years that matter most.
Coverage estimate
Here's the formula: (income × years to cover) + debts + education costs − current savings and coverage, then round to the nearest $5,000. It's a starting point to explore, not personal financial advice.
Why those inputs
Income years. Financial planners typically look at ten- to twenty-year windows; what works for you depends on how long your family would need income support. Many Fairfield households with young children lean toward the longer end because childcare, housing, and school expenses all cluster in those same years.
Outstanding debts. For most households, the mortgage is the biggest one. Enough coverage to pay it off lets your family stay in the home if they choose to, without financial pressure forcing them out.
Education costs. Estimate a per-child allowance in today's dollars. It's simpler to cover this now than to buy additional coverage later.
Existing coverage and assets. Count your savings that could cover expenses, and group life coverage from your job. Since group coverage typically ends when employment does, many people count only a portion of it.
Once you've calculated your estimate, head to the quote tool to see what each carrier charges for that amount across 10- to 30-year terms. Many people choose a bit more than their estimate because the monthly cost increase is small at younger ages.