How much life insurance do I need?

A good rule of thumb is getting life insurance coverage that's 10-12 times your income, but it depends on your individual financial circumstances.
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Total= Debt + Income + Mortgage + Education
Total monetary value of debt (student loans, credit cards, etc.)
Income replacement for needed years ($30,000 x 10 years= $300,000)
Any mortgage balances you may have
Anticipated price to pay your children’s tuition
Estimate calculator
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With the average U.S. household income hovering around $60,000 per year it's important to take into account the typical living expenses life insurance payouts can cover:

  1. The median cost of a home in the U.S. is $200,000, which equates to annual mortgage payments of at least $20,000.
  2. The average cost for college tuition inclusive of living expenses is about $25,000 per year.
  3. The average U.S. household has at least $6,000 worth of debt.
  4. The typical cost of assisted living is $3,500 per month, which equates to $42,000 per year.
  5. The average cost of a funeral in the U.S. is $10,000.
Things to consider:
Life expenses to consider
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© 2020 Ethos Technologies Inc. All rights reserved. Not available in all states. Ethos Technologies Inc. operates in California and New York as Ethos Technologies Insurance Services (CA license #0L28949 and NY license # LA-1554173) and in Arkansas under license #100164629. Ethos offers policies issued by Banner Life Insurance Company, a Legal & General America company as its carrier. (Banner Life products are distributed in 49 states and in DC. Banner Life products are not available in New York.) Ethos also offers policies issued by AAA Life Insurance Company (licensed in all states except NY) and by CMFG Life Insurance Company and TruStage Insurance Agency, LLC.