We use the industry-standard DIME method — Debt, Income, Mortgage, Education. Adjust the inputs and see your coverage estimate update in real time.
Non-mortgage debts: credit cards, auto, student loans, personal loans. Don't include the mortgage — that's its own field.
Your annual earned income — the income you'd want to replace. For two-income families, just your portion.
Standard rule: 10 years for typical families, 5 if your spouse has their own career, 20+ if you're the sole breadwinner with young kids.
Current outstanding mortgage balance.
We use $130,000 per child — current 4-year in-state Illinois public university cost (tuition + room + board).
| Debt to pay off | $25,000 |
| Income replacement (10 yrs × $80,000) | $800,000 |
| Mortgage | $300,000 |
| College funding (0 × $130,000) | $0 |
| Total estimated need | $1,125,000 |
| Rounded to nearest $50K | $1,150,000 |
Approximate ranges for a healthy non-smoker on a 20-year term policy at ~$1.1M:
| Age | Approx. monthly premium |
|---|---|
| Age 35 | $35–$50/month |
| Age 45 | $65–$105/month |
| Age 55 | $165–$265/month |
These are approximate ranges for healthy non-smokers. Actual premiums depend on your specific health, gender, exact age, and the carrier we recommend after shopping the market. Smokers and applicants with health conditions will see higher premiums. We can run actual quotes for you in 5 minutes during a free consultation.
We'll shop your number across the A-rated life carriers we represent and bring you the real prices — not estimates.
Or call us directly at (847) 000-0000By calling the number above, you will be connected to a licensed insurance agent.