Life Insurance Needs (DIME) Calculator
Size your life insurance with the DIME method — Debt, Income replacement, Mortgage and Education — then subtract what you already have.
How it works
DIME need = Debt + (Income × Years) + Mortgage + Education · New coverage = DIME need − existing coverage & savings (floored at 0)
DIME is a quick way to turn a family's obligations into a single coverage number by adding four buckets: Debt, Income replacement, Mortgage and Education. Income replacement is the largest piece for most families — a multiple of salary that lets survivors keep paying the bills while they adjust. Subtracting policies and savings you already hold avoids over-insuring and keeps the premium honest.
Worked example
With $20,000 of debt, $60,000 income replaced for 10 years ($600,000), a $250,000 mortgage and $100,000 for education, the total need is $970,000. Subtract $50,000 you already have and DIME suggests about $920,000 of new coverage.
Frequently asked questions
What does DIME stand for?
Debt, Income, Mortgage, Education. You add outstanding debts, a chosen number of years of income to replace, the remaining mortgage, and expected education or childcare costs, then subtract coverage and savings you already have.
How many years of income should I replace?
A common rule is to cover the years until your youngest child is independent or your spouse reaches retirement — often 10 to 20 years. Replacing more years raises coverage (and premium) but gives survivors a longer runway.
Is DIME the same as "10× income"?
No. The "10× income" rule is a fast shortcut; DIME is more itemized because it also folds in specific debts, the mortgage and education. DIME usually lands higher for families with a mortgage and young children.
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Educational estimate only, not insurance, tax or financial advice. Real premiums, contribution limits and costs depend on your carrier, plan, state and personal circumstances — get a quote and check current IRS limits.