How much life insurance coverage do you need?
Quick estimate guidelines
Debt
Add up all current debts (excluding mortgage) and expected final expenses like funeral arrangements.
Income
Estimate how many years your family might need support and multiply that number by your current annual income.
Mortgage
Add in your remaining balance.
Education
Estimate school and college costs for your children. Use our coverage calculator.
How long do I need coverage?
If you need coverage to last for the rest of your life, consider whole life insurance. For coverage that lasts for a specific amount of time, like during a financially difficult period, consider term life insurance. Overall, you’ll want to make sure coverage lasts until:
- Your mortgage is paid off.
- Your kids graduate.
- You retire.
- You achieve your savings goals.
How long do I need coverage?
If you need coverage to last for the rest of your life, consider whole life insurance. For coverage that lasts for a specific amount of time, like during a financially difficult period, consider term life insurance. Overall, you’ll want to make sure coverage lasts until:
- Your mortgage is paid off.
- Your kids graduate.
- You retire.
- You achieve your savings goals.
Available coverage with Found Life
Term life insurance
(Recommended most often)
- For ages 20-65.
- Over $10,000,000 coverage is available.
- Choose 10, 15, 20, or 30-year terms.
Whole life insurance
- For ages 66-85.
- Up to $30,000 coverage.
- Lasts for the rest of your life.
It's important to select adequate coverage
Selecting the right amount of insurance helps ease the financial strain on your family should you pass away unexpectedly. The correct policy helps cover significant future expenses like mortgages, outstanding debts, lost income, and college education costs. Always consider your family’s long-term needs and choose wisely to help secure enough coverage.
It's important to select adequate coverage
Selecting the right amount of insurance helps ease the financial strain on your family should you pass away unexpectedly. The correct policy helps cover significant future expenses like mortgages, outstanding debts, lost income, and college education costs. Always consider your family’s long-term needs and choose wisely to help secure enough coverage.
Reduce your costs over your insurance term
Every Found Life client is automatically enrolled into our Autopilot re-shop program, where we look at the plan you have for lower rates every year on your policy anniversary. Whether we find a better deal or yours is still the best option, you’ll always be in the know.