The 10 times income rule
A common starting point is 10 times your annual income. If you earn $60,000 a year, that points to about $600,000 in coverage. It is quick and it works as a rough guide, but it does not account for your debts or how many years your family will depend on you. Use it as a floor, then refine.
Calculating Coverage With the DIME Method
DIME is a fuller way to size your coverage. Add up four things:
Debt: credit cards, car loans, and other balances your family would inherit.
Income: your yearly income times the number of years your family needs support.
Mortgage: the balance left on your home so your family can stay in it.
Education: what it would cost to help your children through school.
The total is a coverage amount built around your real life, not a generic multiple.
Do not forget a non-working spouse
If one parent runs the household, their work has real value. Replacing childcare and the hours they cover costs money, so include coverage on them too. See life insurance for military families for how to protect both parents.
Match the term to the need
The amount is only half the decision. The length matters too. Pick a term that lasts until your family no longer depends on your income, often until the mortgage is paid and the kids are grown. A level term policy keeps the price flat for that whole period. If you are weighing a VA option, see VGLI vs term life.
Get a personal number
Rules of thumb get you close. To size it to your exact situation, take the 60-second quiz and a licensed life insurance agent will send a recommended coverage range. For the full picture of your choices, start with veteran life insurance, explained.