Term, whole, or universal, life insurance exists to make sure the people who depend on you, financially or otherwise, aren't left struggling if something happens to you. We help families across New Jersey, New York, Delaware, and Pennsylvania find coverage that actually fits their life.
This uses a common industry method, nicknamed DIME (Debt, Income, Mortgage, Education), to give you a quick, ballpark estimate. It's a starting point for a conversation, not a precise number.
This calculator runs entirely in your browser and doesn't save or send your numbers anywhere. It's a simplified estimate, not personalized advice, underwriting, or a quote. Get a real quote for numbers based on your actual health, age, and coverage options.
The right type depends on how long you need coverage, your budget, and whether you want it to build cash value.
Covers you for a set period, 10, 20, or 30 years, with level premiums and no cash value. The most affordable way to get a large death benefit, and the most common choice for income replacement while raising kids or paying off a mortgage.
Permanent coverage that lasts your entire life, with fixed premiums and cash value that grows on a guaranteed schedule. Costs more than term, but offers lifelong coverage and a savings component you can borrow against.
Permanent coverage with flexible premiums and a cash value account. Indexed universal life credits interest tied to a market index with a floor; variable universal life invests directly in sub-accounts and carries more risk.
Small, permanent policies, usually $2,000–$40,000, built to cover funeral and end-of-life costs. Guaranteed-issue versions skip the medical exam entirely, which matters for older applicants or those with health conditions.
Often provided through work at little or no cost, but usually a modest flat amount (often 1–2x salary) that doesn't move with you if you change jobs. A helpful supplement, rarely enough on its own.
A policy a business takes out on a founder, partner, or essential employee, with the business as beneficiary. Helps cover the financial impact of losing a key person, and is commonly used to fund buy-sell agreements between partners.
Not sure which list you're on? That's a normal question, and it's exactly what we help people figure out.
Talk It Through With UsUnder federal tax law, a life insurance death benefit paid because of the insured's death is typically excluded from the beneficiary's taxable income. There are exceptions, like interest earned on a delayed or installment payout, and estate tax can apply at very high net worths. This is general information, not tax advice — talk to a tax professional about your specific situation.
A common starting point is the DIME method: add your outstanding non-mortgage debt, the income you'd want replaced (often estimated as 10 years of income, though 7 to 15 years is a common range), your remaining mortgage balance, and future education costs, then subtract savings and any coverage you already have. Use the calculator above for a quick estimate, then talk to us for a number built around your actual situation.
Term life covers you for a set period, such as 10, 20, or 30 years, with level premiums and no cash value; it's the lowest-cost way to get a large death benefit. Whole life is permanent coverage that lasts your entire life, has fixed premiums, and builds cash value you can borrow against, but it costs significantly more per dollar of coverage.
Universal life is permanent coverage with flexible premiums: within limits, you can raise, lower, or skip payments as long as the policy's cash value can cover its costs. Indexed universal life credits interest based on a market index with a cap and a floor, while variable universal life invests the cash value directly in sub-accounts and can lose money. Both offer more flexibility than whole life, but require more active management to avoid a lapse.
Final expense insurance is a small, permanent policy, typically $2,000 to $40,000, meant to cover funeral and end-of-life costs rather than replace income. Guaranteed-issue versions ask no health questions and require no medical exam, which makes them an option for older applicants or those who can't qualify for other coverage, though they often cost more per dollar of coverage and may include a waiting period before the full benefit applies.
It depends on who depends on your income. If you have a spouse or partner who relies on your earnings, co-signed debt, or a mortgage someone else would be left paying, life insurance can still matter. If no one depends on you financially and you have no debt others are responsible for, you may need little or none.
Often, yes. A stay-at-home parent may not have an income to replace, but their unpaid work, like childcare, household management, and transportation, has a real replacement cost if something happened to them. Families sometimes underestimate this and only insure the working spouse.
Generally no. Under federal tax law, a life insurance death benefit paid because of the insured's death is typically excluded from the beneficiary's taxable income. There are exceptions, including interest earned if the payout is taken in installments, and estate tax can apply at very high net worths. This is general information, not tax advice, so talk to a tax professional about your specific situation.
Employer-provided life insurance is a helpful supplement, but it's usually a modest, flat amount, often one to two times your salary, and it typically doesn't move with you if you change jobs. Most families still need an individual policy to fully close the gap.
Key person insurance is a policy a business takes out on a founder, partner, or essential employee, with the business as beneficiary, to help cover the financial impact of losing that person unexpectedly. It's also commonly used to fund buy-sell agreements between business partners.
People with no dependents and no debt others are responsible for, those who are financially independent enough to self-insure, and retirees with a paid-off home, grown children, and no outstanding debt often need little or no life insurance. Every situation is different, so it's worth a conversation rather than assuming.
Usually not. Industry research has consistently found that a large share of consumers overestimate what life insurance actually costs, sometimes by several times the real price, especially for healthy applicants buying term coverage. The only way to know your real number is to get a quote.
Fill out our quote form or call or text us at 908.379.0959. We'll ask a few questions about your situation and shop term, whole, and universal life options across our carrier network to find the right fit.
