Everyone’s heard the “10 times your income” rule. It’s not wrong. It’s also not really an answer — it’s a guess dressed up as math.
Here’s what I actually ask people instead of handing them a multiplier.
What would your family actually need to keep going?
Not survive. Keep going — same house, same school, same life, just without your paycheck. That’s the real question. For some families that’s mostly income replacement. For others it’s paying off the mortgage outright and calling it done. There’s no universal answer, and anyone who gives you one without asking about your life first is guessing.
A few things people forget to count:
- The mortgage and any other debt that doesn’t go away just because you did
- College, if that’s part of the plan
- Final expenses — funeral costs run higher than most people expect, and the bill shows up immediately, not spread out over 20 years
- What you’ve already got saved, which might mean you need less than you think
One thing that matters as much as the number: can you actually keep paying it?
A policy that lapses in three years because the premium didn’t fit the budget didn’t protect anyone. The “right” amount of coverage is the amount that’s actually sustainable for you long-term — not the biggest number I could talk you into. That’s worth its own conversation, and we’ll get into it in a future post.
Life changes, so should this number
New baby, new house, new job, paid off a loan — any of these can shift what “enough” means. Most people set this once and never touch it again.
Where this actually goes next
I’m not going to tell you your number in a blog post — I don’t know your situation yet. That’s what an actual conversation is for. Book a free, no-pressure review →