How Much Life Insurance Do I Need?
The honest answer is "it depends on your situation" — but there's a simple framework that gets you close, and it's far less guesswork than people think.
Start with what it needs to replace
Life insurance is income replacement + debt payoff + future costs. Add up:
- Income replacement — what your family needs to keep going (a common starting point is several years of your income).
- Debts — mortgage, car loans, credit cards, anything that doesn't disappear.
- Final expenses — funeral and medical costs.
- Future goals — kids' college, a spouse's retirement gap.
Then subtract what you already have (savings, existing coverage). The gap is roughly what you need.
Term vs. whole — the quick version
- Term covers a set period (10–30 years) — the most affordable way to cover the years your family is most exposed (mortgage, kids at home).
- Permanent (whole/universal) lasts your whole life and builds cash value — costs more, fits specific goals.
Most families start with term because it does the most protection per dollar.
The mistake to avoid
Don't just rely on the small policy from work — it usually isn't enough and doesn't follow you if you change jobs. A quick conversation gets you a real number instead of a guess.
Start a life quote or book a 2-minute consult — or call/text 573-594-5148. We shop multiple carriers across Missouri, Kansas & Nebraska.
*General information, not financial advice; your needs depend on your situation. See disclosures.*