Most financial advisors recommend coverage equal to 10 to 15 times your annual income. However, the real number depends on your debts, dependents, and savings. Our DIME calculator above gives you a personalized estimate by accounting for Debt, Income replacement, Mortgage, and Education costs. Most families need between $500,000 and $1.5 million in coverage.

For most families, term life is the smarter choice. It costs 5 to 10 times less than whole life and covers the years when you need protection most. Whole life makes sense for high net worth individuals doing estate planning, or those who want lifetime coverage with cash value buildup. Most young families should choose term.

Probably yes. Employer life insurance usually covers only 1 to 2 times your salary, which is rarely enough. The coverage also ends when you leave your job, and rates may increase with age. Get an individual policy you control. This way, you stay covered even if you change jobs or get laid off.

The best time to buy is when you are young and healthy. Premiums increase by 8 to 10 percent every year you wait. Major life events like marriage, buying a home, or having children are common triggers. If anyone depends on your income financially, you should already have coverage in place today.

It depends on the coverage amount and your age. Most policies above $500,000 require a basic medical exam including blood and urine tests. No-exam policies exist but cost significantly more for the same coverage. If you are healthy, taking the medical exam will save you hundreds or thousands per year on premiums.

If you outlive your term policy, coverage simply ends with no payout. This is actually the goal of term life. You used the coverage during your high-need years when family depended on your income. By the time the term ends, your kids are grown, mortgage is paid, and savings are built. You no longer need coverage.

Yes, you can change your beneficiary anytime by submitting a form to your insurance company. Most people update beneficiaries after major life events like marriage, divorce, or having children. Review your beneficiary designations every few years. You can also name multiple beneficiaries and specify what percentage each receives.

Most policies have a suicide clause covering the first 2 years. If suicide occurs within this period, the insurer typically refunds premiums paid but does not pay the death benefit. After 2 years, suicide is usually covered just like any other cause of death. This clause prevents people from buying policies with intent.