Find Out If Your Family Has Enough Coverage

How Much Life Insurance Do You Actually Need?

Most financial experts recommend carrying life insurance coverage equal to 10–12 times your annual income. But that rule of thumb doesn't account for your specific situation — your mortgage, your children's education costs, or your existing savings.

The Coverloom calculator uses a more complete formula: we take your annual income multiplied by an age-adjusted factor, add your remaining mortgage balance, and include $50,000 per dependent for future education expenses. This gives you a realistic estimate of what your family would need to maintain their standard of living.

Term Life vs. Whole Life Insurance

Term life insurance covers you for a set period — typically 10, 20, or 30 years — and is the most affordable option for most families. A healthy 35-year-old can get $500,000 in term coverage for about $25–$35 per month. Whole life insurance provides permanent coverage with a cash value component, but costs 5–10x more. Most financial advisors recommend term life for families focused on income replacement.

No Medical Exam Life Insurance

Traditional life insurance policies require a medical exam including blood work and a health questionnaire. Today, carriers like Ethos and Bestow offer no-exam policies with instant online decisions. You answer a few health questions, and if approved, you can be covered the same day. These policies may cost slightly more than examined policies, but the convenience makes them increasingly popular — especially for healthy applicants under 50.

When Should You Get Life Insurance?

The best time to buy life insurance is when you're young and healthy — rates increase significantly with age. A policy at 30 costs roughly 30–40% less than the same policy at 40. Key life events that signal it's time to get covered include getting married, buying a home, having children, or taking on significant debt.