Milan Prastalo
D Debt
$
$
I Income
$a year
years
For example, until your youngest child is grown or your spouse retires.
M Mortgage
$
E Education
$
Minus what you already have
$
$
Estimated life insurance need
| Debt: debts plus final expenses | $0 |
|---|---|
| Income | $0 |
| Mortgage | $0 |
| Education | $0 |
| DIME total | $0 |
| Minus cover and savings you already have | $0 |
| Estimated need | $0 |
This is a starting point
A simple formula cannot see your whole picture. An agent looks at all of it: your family, your income, your health, your goals and the cover you have now. I am a licensed life insurance agent. On a free call we can go through your numbers together.
The DIME method is a common rule of thumb for a first estimate. It does not count inflation, taxes, or what invested money could earn. Income is simply your yearly amount times the number of years.