Verdict
How Much Term Insurance Do You Need?
Not "10x your income" — the actual number, based on what your dependents would really need to replace.
$1,200,000
15 yrs
$3,000,000
$2,000,000
$1,000,000
$1,000,000
Reconsider
You need $21,000,000 more cover
This gap is what a term policy should cover — the difference between what your dependents would need and what you currently have.
Total need
$23,000,000
Total you have
$2,000,000
Common questions
That rule ignores your actual debts, goals, and existing savings — it can leave you under- or over-insured. The needs-based method here accounts for your specific numbers instead.