Your Information
Financial Obligations
Mortgage, car loans, student loans, etc.
Typical: $10,000-20,000
Average 4-year public: $100k
Income Replacement
Until youngest is independent
Leave $0 if single
Life Insurance Need (DIME Method)
$0
Recommended coverage amount
DIME Method Breakdown
| Component | Amount | Explanation |
|---|
Term vs Whole Life Comparison
✅ Term Life Insurance
Estimated Monthly Cost:
$0
- Coverage for specific term (10-30 years)
- Much lower premiums
- No cash value
- Best for most people
⚠️ Whole Life Insurance
Estimated Monthly Cost:
$0
- Lifetime coverage
- 10-15x more expensive
- Cash value component
- Often not recommended
Disability Insurance Need
$0
Monthly benefit recommended (60% of income)
Current Coverage
Through employer or personal policy
Monthly benefit amount
💡 Insurance Tips
- Life Insurance: Get 10-12x your annual income if you have dependents
- Term is Usually Better: Buy term and invest the difference
- Disability Insurance: 60% of income is typical coverage
- Employer Coverage: Often not enough - consider supplemental policies
- Buy When Young: Premiums are much lower when you're healthy
- Review Annually: Update coverage as life circumstances change