Guide
How much life insurance do you need?
Use this calculator to work through the key factors: years of income to replace, outstanding debts, education expenses, and what you already have in savings or employer coverage.
A straightforward approach: estimate how many years of income your family would need, add in debts and major expenses like education, subtract anything already covered by savings or group insurance, and round to the nearest $5,000 or $10,000. The result doesn't need to be exact—term coverage comes in round dollar amounts anyway, and the real goal is a number that would stabilize your household through the critical years.
Coverage estimate
The formula: income you'd replace × number of years + outstanding debts + education costs − existing savings and group insurance = your estimate, rounded to a convenient number. This is a starting point for comparison, not personalized financial advice.
Why those inputs
Income years. Financial advisors typically work with a 10- to 20-year window; the right timeframe for your household depends on how long your family members would need income replacement. Walnut families with young children at home often select longer terms because the expenses of schooling, housing, and childcare overlap during peak years.
Debts. Mortgage debt is usually the biggest financial obligation. Insurance that would pay it off gives your family the freedom to decide where to live based on what they want, not what they can afford.
Education. Set aside a rough amount per child in current dollars for higher education. It's simpler to build it in now than to buy additional coverage later on.
What you have. Include liquid savings you could use and any life insurance through an employer. Keep in mind that group coverage from work typically ends when you leave the job, so many households only count a portion of it toward their total.
Once you've settled on a coverage amount, use the quote tool to see how much you'd pay for different term lengths—10, 15, 20, 25, or 30 years—across multiple carriers. Many people choose to buy a bit more than their estimate because the extra monthly cost is modest, especially when you're younger.